I still think the bullish engulfment bar we’ve seen on May 20 is the tell-tale sign of a bottom. Statistically speaking, if the bullish engulfment has not been debunked by price action making new low after a week, the probability of a bottom is increasing.
Take a look at the chart below:
I like to see price action taking out $10 resistance soon to begin the rally back up.
I bought starter positions with stop below yesterday low.
My 2 cents.If you enjoy the content at iBankCoin, please follow us on Twitter