Following up on this post HERE
I still contend that the bullish wolfe wave is intact, but anything can happen at this point.
The current lows have a buy divergence going for it on the daily chart. Being that this could be perceived as a double bottom it could contain a tradeable bounce. Should the bottom give way, this weekly chart shows $35 as a reasonable target for support in the weeks ahead.
The setups I include on this blog are used in conjunction with the 3/10macd and the criteria I ascribe to it as a way to alert me to an existing condition of price. The key concept to take away from this blog is that I try to anticipate what will happen on the higher time frame by using a faster time frame to trigger the trade setup. I do not trade a "system" I use two indicators to clue me in to price conditions. Please read the Disclaimer located in the sidebar of this site. I can be contacted via email at email@example.com
I am always open to questions, comments, or suggestions on how to improve this blog.