Earlier today we saw the first major impulse move upward take out the trend/resistance line and now are in a current consolidation move. Wait for a breakout of the current channel and play the second impulse move upward. I believe we are seeing an ABC corrective pattern at the end of our wave 3. I still believe there is more downside to see after this and will take profits around the $400 range and look for a significant pull back. There is a chance that we just witnessed the bottom so place your stops appropriately and keep a watchful eye on this today.
We saw a similar move like this earlier on March 3rd which was an ABC correction and acted as wave 2. There is a lot of similarity between these two moves so look for the start within the next 30 min to an hour.