From my pervious posts it seems pretty clear we are about to go on a nice relief rally. But I do want to caution you on opening long positions at the current moment. With how price action is acting, it would not surprise me to see some chop and then a swift move to the downside (bart pattern). This would liquidate the overleveraged longs and give us a clear confirmation of support being built on our old resistance trend line (red trend line ). Just wanted to put this scenario on your radar, but things will look really good for additional longs positions upon retest of our trend line .