Elliot Wave, Wychoff and Master Pattern Analysis

The market has already push impulsively to the downside last week and broke out forming an over extended M - Formation pattern when it broke out of the channel on the 4H timeframe. The M - formation pattern completes at the neckline. Hence the potential for a buying opportunity.

The zone or are that the market is currently at on the higher timeframe (Weekly Chart) it can be seen that there is strong historical structure. The move to the downside is a pullback on the weekly chart. Due to the fact that this area the market is currently at is such a strong level there is a high probability that be might still see a push to the upside.