Price has returned to a critical area of resistance on the chart.
After creating a significant low at $49500, our bias is still short until we see market structure reveal otherwise.
We are anticipating price to move into the 51000 - 51150 zone and retrace. Upon exit back to the downside of the zone a short order will be entered.
Unfortunately I couldn't post this before the move happened.
We also have a pending long @ 51260 in the event price manages to break this level as it would entail more price movement up.
After creating a significant low at $49500, our bias is still short until we see market structure reveal otherwise.
We are anticipating price to move into the 51000 - 51150 zone and retrace. Upon exit back to the downside of the zone a short order will be entered.
Unfortunately I couldn't post this before the move happened.
We also have a pending long @ 51260 in the event price manages to break this level as it would entail more price movement up.