Here's some updates. On 11/06 and 11/07 we had a nice rally of over 200 points. We recovered the 6-7 days of decline in only 2 days. Pretty impressive.
Are we seeing short covering? Or did the bulls step in to support the bigger trend? On 11/06 and 11/07 we had a P profile on a Market Profile chart. This definitely alerted me of a possible short covering.
Should be interesting to see what the market does today. Premarket action has dropped prices below value creating a nice little gap. I would be cautious fading this gap though....
Good luck and best of trading.