I wanted to go back and review the bottoming formation on the 60m chart.
As price descended toward the daily target lines ML and R1, price was not making the ml from pw (off chart). Previously, price failed to reach the ml from pv at pivot y. So a shakeout pattern was present. We can also say there was ml divergence happening as price declined toward the low.
Now, price not making the ml at the possible pz is a sign of trend weakness and imminent trend change.
How/when could this ml failure at pz be signaled? When price closes the hour above the sh, should there be one, to the mlh from py. I'm still looking at which sh is more reliable or safe to use if there is more than one. In this case, there are two that can be considered. The earlier close over sh1 did in fact signal the low at pz (price didn't go lower), and the later close over sh2 came after a reversal bar off the new hourly mlh. (Notice the price pop after this reversal bar.) Either way, the indication of the "close over the sh" signaled that pz was in.
I notice that the close over sh1 was confirmed by the (still experimental) rsi momentum oscillator (note the vertical green line on the oscillator at that bar).
I suppose one could have bought the market/covered all shorts/reversed at that first point. Or, even bought at the new possible 60m mlh, given the (first) close over sh1, when price came back to it. A suitable stop would have been a tick under pz for that entry attempt.
The 2nd H-bounce entry tech indicated a buy at the circled close (2hb buy). The initial stop (ist) is a tick under the first H-bounce low (red line). After the move progresses, the stop can be raised to under the 2hb buy bar. Some experiences suggest a close under this bar is more robust, but it hasn't been researched too deeply. If you try the close, remember to keep the OCO stop of a tick under the 1st low.
Price usually makes the ml from px in this pattern. Since profits must be taken in order to be a consistent winner (per Mark Douglas), this ml is not a bad choice of target line for this purpose. The partial profit (pp) sell would have made you 80.2 - 72.8 = 7.4 pts/ct.
This morning price has declined sharply from a mildly overbought RSI and challenged the new possible daily MLH value of "1273.05" (from the spreadsheet) = 1273.1 (rounded). The decline so far has reached that value exactly. There is a long tail on the last bar as I send, but it is not a reversal bar. Expect more pressure to the downside until the MLH challenge is resolved one way or the other. And I hate to say it, but sometimes the possible 2P line, lower than the MLH, turns out to be the true support angle. As if this weren't complex enough!
Anything can happen in the market. Even a drop to the yet-unmade ML at 1270.1, or lower (to .618R on the daily?), and THEN the true low made--or not! With the tech presented here, you are points ahead, with a no-loss long position for a possible major pivot low. I didn't mention it earlier, but there is an awi indication on the daily chart up at the last m0 pivot high, basis m0, at 1317.1. That value is a possible initial target for a rally per the zoom rule. Given that fact, you can see why you want to stay long as long as possible from a 1272.8 entry.