The market is experiencing a rebound near the 0.618 Fibonacci retracement of intermediate wave (y).
At this point, or the market has reached a bottom of intermediate degree and begins a new uptrend (wave (z) or, as a first alternative scenario (Alt:) , is finished the wave 3
The second alternative scenario (2°Alt:, in the 15 minute chart) , for now with very low probability, is compatible with a market crash.
Now it is important to check the structure of the bounce....not think about catching a possible bottom!
It 's still early to open long positions, the trend remain bearish.
Have a great trading day...with care!
ElwaveSurfer
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