Is PX near its bottom?

PX has been declining since we saw it hit 9.98. We saw two successive drops of 2% each before today. Looking at the candlestick, we can speculate that the bears are already done with their damage. Price is near our 78.6% Fibonacci Retracement level and if we will see a good candlestick formation tomorrow then PX might just have reached its bottom. Normally a retrace of about this deep will bounce to 127.2% Fibonacci Retracement level. Let’s see.

RSI or Relative Strength Index is at oversold level already.

Caveat!

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