Price is forming higher lows, reclaiming short-term moving averages, and showing improving momentum. The Synergy Signal oscillator is also printing a bullish divergence, suggesting underlying strength is building.

The key test is the resistance directly overhead. A rejection could bring another support retest, while a clean breakout would strengthen the case for a broader trend reversal.

Confluences:

Multi-week base
Higher lows
Moving averages turning up
Bullish Synergy Signal divergence
Improving momentum
Heavy volume-profile resistance overhead

RIO is not fully confirmed yet, but the structure is improving.