It appears we are no longer making lower lows an lower highs on the higher time frame levels. I have also indicated what looks like an inverted head and shoulders pattern, which is a downtrend reversal pattern. The kneckline appears to be at wm2, or the 78.6 fib level.

The daily stochastic however has still not clearly come through the 20% oversold line, so I will be patient with my entry.

I will look to enter on my hourly chart, in the area between the 50 and 61.8 fib level, which coincidences with daily support, as shown on my hourly chart. and I will enter once I have seen a higher high, and enter on the next higher low.

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