The next reasonable target is 3,000. I think that will be the bottom. Momentum patterns suggest that the recent low at 3710 will not hold becasue it was confirmed by PPO (see below)
3000 +/- 200 looks reasonable ( 2800 - 3200) I would refrain from any buying until there is a clear non-confirmation (bullish divergence) between momentum and price. For momentum I am using the PPO ( percentage price oscillator which is similar to MACD except that the differential between the two exponential averages is a percentage rather than a simple point difference. The last low at 3710 was confirmed by PPO ( using 3, 10 and 16 as the parameters of PPO.
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