Nice pick! It does look good, but personally, I would wait a little while more for confirmation before going in. In particular, for it to show confirmation of a trend reversal, because the current downtrend hasn't been broken yet (but definitely slowing already)
I've been using this RMO indicator recently, and I find it pretty useful. It's a new indicator that's been released with Metastock 10, and it's actually the Rahul Mohindar Oscillator System.
If you notice, there's a final blue arrow on the chart. These arrows are automatically drawn...and confirmation is by that day's candlestick. I.e. blue arrow (buy) must be confirmed by a blue candlestick (buy) before it's a confirmed buy signal, and vice versa for a sell signal.
I think RMO's a pretty straightforward way that provides good confirmation of buy/sell signals. Check out Equis' training video of it:
http://www.equis.com/customer/training/rmo/