I think the chart is following an Elliot impulse wave after following a very strong selling period; the chart has recently bounced off the 0.618 level from the Fib retracement of the strong bearish move and heading to the 0.382 level as it is the 4th wave and it is not likely to pass the price reached from the 1st wave. If price reaches the 0.382 level I believe it will bounce again due to there being previous support and resistance within that area and so the price will continue to head up towards the 200 SMA forming the 5th and final wave.