Nice analysis. We have buyer orders at $8400
However, wait for price to bottom as indicated by the yellow circle. Next wait for price to make higher lows as indicated by the green circles. This is what I call a confirmation entry, waiting for price to show you that it wants to reverse.
I would be a bit surprised if it took out the Feb 6th low, not impossible though.
Yeah I would be surprised if it goes as low as that as there is a lot of support at that level...