But yes that alone cant say that its a reversal, since is been all red and only green candles are the correction in the down channel.
Infact it actually did the same thing in the last leg. (THe double arrow on chart.) It made a bullish engulfing to reach the top of the channel, just to
spill down again. I thought it was the same this time, since it nicely made tilll the top of the channel in one egulfing bar. What confused me was that
it did that right on the weekly support level and engulfed not just one candle(like previous engulfing) but 4.THought it meant something,
SO i was like , lets take EXPERTS OPINION on this :D
I wasnt planning on buying it, untill it breaks the channel, more liek the anotehr long term support_turned_resistance level at green.
But yes, i think, as you said, it will take a round bottom to be called a reversal and a break above few key levels on the way up, else its gonna down big time.
Thanks for your time and input.