5.45 is the mid-line of the trading range that began back in March. The TR is between 5.06 and 5.84 with mid-line of 5.45.
On the daily chart there is an AB=CD down. A = 6.68, B = 5.70, C = 6.10. These would give a D point of 5.12 for an AB = CD, however on this C to D leg it did not take out the B point (5.70) with greater volume which says the probability of completing the AB=CD is low. The B-point volume was 332k versus 264k on Monday the 9th.
On the weekly chart, the low-print stick was the week of 4/29 with low of 4.80 and high of 5.37. So far this week it has tested that stick with a low of 5.36 and has so far closed above it. The volume the week of 4/29 was 4.85M. The volume so far this week is 1.08M. Extrapolating to the end of this week, 1.08 x 5/3 = 1.80M. So it is coming into the low with 1.80 vs 4.85; not even close and not enough to bust lower.
I track three smoothed ROC's (rate of change indicators), the 6, 12, and 24-day smoothed ROC's all bottomed yesterday and turned up today because of the stopping candle today. When all 3 turn at the same time it is very bullish. Need to see some follow thru to confirm.