Six days and 50% of the 2011 range is gone. The level comes in at 38.09. A move above this level will be needed to solicit any buying. Just like the trend higher is fast and directional, the countertrend lower, can be just as fast. Just as directional. And it has a lot of longs wondering and fearing where the bottom is located. A move back above the 38.09 level will be eyed for clues of a bottom Above that level will is the 38.40 level from the trendline in the hourly chart below.
