After stopping just short of the 1236.32 lows, this week’s candle is now on track for a bullish hammer or pinbar reversal. That this occurred after failing to break beneath the Keltner channel also points towards a rebound. The daily chart shows a bullish engulfing candle halted the decline and, like the weekly chart, saw a sharp reversal back within the lower Keltner band. With two timeframes reversing at the lower Keltner band, the potential for a rebound could be greater. However, until we see a material change to the daily bearish structure, further depreciation could be more likely following the retracement. ... (full story)