OIH has completed another five waves down to the 12/8/09 low. It has since bounced back up to the resistance level of 121. Whether or not the corrective process is complete is still in question. However, I do not see the price moving higher much further from current levels. The bounce from 12/8/09 was firmly on the 233 EMA. The price has bounced upwards to retest the 55 EMA. With the candlestick patterns of the last couple of days, the upwards price movement may be over. We will see. The price came within a fraction short of the 61.8% Fibonacci retracement level. It could potentially move to the 76.8% level, although I do not believe the odds are that great. Going back to Elliott Wave analysis, if my count is correct, we are entering a third wave of a third wave. That means that the next move down will potentially be fast and deep. That is the reason I am not too concerned about the Slow Stochastic being in the oversold territory. The indicators can stay in overbought or oversold territory for an extended time during third waves, especially third of a third wave as just mentioned.