We also have resistance coming in at the fib, placing it square in the target range. The 50 is leveling out but still with a downward trend bias. The Tom count (numbers near the candle) is at 7. This is a high number, usually reaching 9 before a change in direction, although it could go a few candles further before reversing.
shows us being overbought. will probably angle down on any type of weakness.
(not shown) also has a target in this range before a reversal down of 5 waves.
My biggest concern is that the 50 is approaching the 200 and could cross. If this happens, there will be more weakness to the downside.
We need to be watchful here. We could reverse down within 2-3 days for a correction, unless a really strong rally reverses the 50 day MA to trend up. But because the last low shook out a lot of new players, the power for a bigger rally is limited.
As I said, we shall see.