Odds suggest tactical upside bounce today

Morning guys,

While we keep our long-term view intact and now it is really good chances that recent huge spike on weekly chart is a starting point of the retracement that we're waiting for,
today we take a look at short-term perspective.

As sell-off was rather fast, last week we've suggested that some downside continuation should happen in a shape of AB-CD pattern and this has happened. At the same time market right now has limited downside potential,
because on daily chart it stands at strong Fib K-support area and daily oversold. So, this is not good point to go short. Odds suggest upside bounce.

Thus, on 4H chart we have '222" Buy that could trigger it. It is good chances that downside action continues this week but market needs few days to leave Oversold area.

For bears - sit on the hands and wait for pullback, while bulls could consider this "222" Buy, but do not treat it as continuation of long-term bull trend. Depending on the shape of upside bounce, we make
conclusion on further action and the patterns that could be formed this week.

As usual, on our website you get the video on all time frames analysis.