It seems today would look like a perfect reversal with prices impulsing up impressively. The bulls might have renewed confidence and on an intra-day level things seem to have stabilized. Currently though, while the picture looks calm, the deeper sentiments are still bearish. Gains can be had after such a powerful draw down, and it is no different today. Have we bottomed? Only if our intra-day sentiment changes from bearish to bullish can we confirm this, but due to the far reaching draw down, the signals have been pushed to the extreme that it would take us a while longer to confirm once it has "time" to reach the other side of the bullish border. Make no mistake, we are just up trending on bearishness.
I can't stress enough also, that we are still OS, and this is high risk for acceleration down, and rallies like today are risky because a reversal can quickly leave you trapped holding a loss. So until we can get out of the OS position and confirm at least a short term bullish sentiment, we should remain bearish.
SEN: Bearish
ST: DOWN
PA: DOWN
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