Wyckoff trading method, page-703

Yep, there is a minor spring there for sure.
There was also another one a little earlier as well, which only worked for a single day, and since has seen price grind down to the current set up.

Those two recent bars form a potential two bar reversal, not a textbook perfect one, but a nice one all the same (and in the real world, the markets rarely offer up textbook perfect set ups anyway.)

From your chart it looks to be part of the process of consolidating the breakout into that large gap (big gaps in particular, should be considered as turning points in price, similar to when price pivots). Price may just take off in response to the reversal, however a low volume pullback which closed back near its high, would enhance the potential set up even more.

If you are not already in, then you can really only trade the momentum of a breakout above the highs of the reversal (either the initial bar @2.49, or the secondary bar @2.52, depending on your rules), and yes the most likely place for a stop would be just below the initial bars low @2.35 (which maybe a little wide for the potential RR, unless you are in for a gap close up to 3.39, which maybe a little ambitious........ )
If price did pull back today, and you bought near the lows of the day, it may reduce your risk somewhat, although you would need to wait and hope for the momentum then.....

cheers