Goldrush,

 

I have a slightly different take on the chart.  The chart is still in a bear bias.  I do not see the head and shoulders, there is no symetry.  Also, head and shoulders are not the most reliable chart pattern.  The RSI is way, way oversold.  We still do not have an upturn on the MACD or the RSI.  I much more reliable chart pattern and a much rarer chart pattern and one that I scan for when we trade futures is the mirror pattern in the elliot wave.  This wave consists of 3 waves, the prestraight, the left straight and the right straigt and then the consolidation.  Without giving you all the details, BAR has set up the prestraight, and the right straight perfectly, textbook perfect.  What we need to see is 3 candles up from here and then a consolidation, this would be considered a perfect set up.  A lot still has to happen but if that happens, the odds of a very successful trade to the up side is highly probable, I have seen it many times before.  I believe in fib retracements and as you say, we are at the 50% retracement, next down is the 61.8.  As you know, that is a very strong support level, as is the 200 day ma, both in the .80/.83 range.