As discussed previously, it seemed to me that the strength seen from mid-month would be best left alone, given we have yet to see a significant basing pattern form, to give us enough confidence of a long-term low being made.
With price having failed at quite a natural level, around the November highs, the best case scenario here would be for price to form a rectangular or triangular base over a multi-month period. Should that occur and price break to the upside, I would begin to get more positive on a long-term view.
For now however, the December low remains the line in the sand. Should that break, expect to see price continue to move to the downside.
