Once we break down, its confirmed smart money is selling this level. So when we return to it, we expect a reaction.
Now, we just rose from 160-225 which is like i dunno 25% or something.... I think people need to take this into account. 50$ is 25% of a now. That is a huge move, which I think needs some retracing.
Where do we retrace too... Well, I think there are a lot of bears still out there, I think in this environment, people will FOMO hard given the chance. The memory of being a victorious is still too fresh in their mind. I expect a deep retracement.... Just to the OTE sweet spot.
Hmm... I guess tthats it. GLGT.