So the question is, do the Bears still have the narrative? On a 15m chart we can see a paragraph of a new narrative developing. What price action is saying is that for now we have found a floor. I stress 'for now'. Volume has dropped off which means there is little interest in selling at this level.
On a 30m chart we can assume that we at least have seen a three wave move to the downside which means that price will rise from here at least to around 2.45 which I have indicated by the blue line. We will have a better idea which way it will go from there once we get there.
