It is not clear that the rebound from $8.58 is a part of the preceding rise from the Sept. 27 low of $8.49-1/4, since this rebound could also be viewed as a temporary reaction against the downtrend from $9.07.

A rise above $8.76-1/2 will at least confirm an extension of the rebound towards $8.88-1/4, the 61.8 percent Fibonacci retracement on the fall from $9.07 to $8.58.

A drop below $8.58 will signal the continuation of the downtrend that started at $9.07, with an immediate target at $8.49-1/4.