Also, there is a strong horizontal price magnet at 16.20, probably will hold.
Obviously we saw on Thursday the very strong spike. Price action would probably say this is an exhausted .
However, we may also get a short term trading range (barb wire?) and then it could bounce off the 16.20 level to the upside, in which case we'd have a b/o with a probable sell off around 16.50 ( TR ) and 18 (swing high).
I would sell a close 1 tick below Friday's low (16.05), but a lot of traders may decide to short once it breaks 16.
We'll just have to wait
UPDATE 8-26: top at a resistance slightly above the one drawn. Also, the resistance is at about a 61.8 level and approaching the