After a fairly good spike up challenging the downtrend, a fairly deep two – legged correction failed to bring in a lower low and the higher low led to a strong continuation rally to a new local high.
However, there’s a risk of a normal correction here given the triangular bear flag pattern forming which will give confidence to bears for a contusion of the trend down. However, I think this will fail if the correction cannot retrace below the 50% of the move up range. This should signal a Buy for at least shorter term traders to test the recent highs here and the stronger bulls may start accumulating for a longer term rally to test up into late March perhaps the old high area