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The fibonacci upside uses the $4.00 and $8.00 level. It is calculated by taking the difference of the two variables ($4.00) and multiplying upside levels (161.8%, 261.8%, 423.6%, 685% and so on) then adding the Low variable which also happens to be $4.00. The $31.40 level I mentioned was small resistance thus far and if we hold around the $24/$25 level and move back up, then watch out for a breakout to the next one around $48.00
Weekly chart shows the selling is a counter trend move to the primary trend which is bullish. It takes a lot to make this trend go bearish on the long term because of the chart below
This could do much lower before we break the uptrend. The bottom line is around $10.00. Although I don't expect much more than a 50% retracement as a max possible one which would not be over $15.00, it would be bullish to stay above this line. I feel we are soon entering super bullish. I would expect the chances lie towards making newer highers than retracing to previous lows. But remember, JP Morgan can do many different things to the fixings, but are not able to take away its intrinsic value.
On the 15m time frame the market managed to get up to the top of this trend line. The low from the 50 day looks like the first entry is around $28.33 for a breakout and if $28.33 were to come it would also be a break of this trend line which can at least move the market to neutral