well tkc, technofunkomentally speaking,
one can make an argument that it may well head higher. It did gather its footing, the fall being intimidated by the SMA 50 @1.51, an intraday pseudohammerish thingy at 1.58 scribing support (until the moment it isn't) all with a pretty clear goal of reacquiring the SMA20 - and the placement price. it was trying to do a variation of a cupandhandle apr-15 to may23, in this case the dented cup and handle variation, but the handle was too strong and then the brew got diluted.
i'm going with 60/40 it crosses SMA50 before SMA20(bearish on that) but going 80/20 it hits placement price before the 200SMA ... i.e. kinda of leaning towards the fabled buying opportunity. it of course runs the risk of a stagflation cross under the SMA50 in which case it likely returns to the corkscrew formation - confirmation of the corkscrew is manifest/confirmed with rancour in DDland.
etch-a-sketch the whole post if it closes under 1.6
The above content is my opinion.
