The bounce from Monday’s lows has been unimpressive so far, but we should wait to see whether the pace of short-covering picks up during the night session before we write it off as a flash-in-the-pan. The a-b rally leg shown is clearly and decisively impulsive on the hourly chart, but it doesn’t look powerful enough to gestate a c-d follow-through capable of reaching its target without stopping out an ostensibly tradable point ‘c’ low or two first.
