Weekly chart (below) showing the largest negative momentum ever, however, price has (so far) held a higher low, giving us a reverse divergence. Now, "the largest negative momentum ever" could mean one of two things; either it is capitulative in nature, or the phrase 'momentum precedes price' applies. Either way, a bounce is expected sooner rather than later and it should be quite strong. We won't know it the negative momentum is capitulative or the beginning of more selling to come until we see how the bounce plays out.
At the very least, I would wait until the faster time frame (65-min on the right, below) sets up a 3d criteria. Essentially looking for an extreme flush (bear trap) or a higher low (which could come in the form of an inverse H&S on the 65-min chart below) that then takes out the $555 level.
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