An interesting turn of events over the last few hours, but, honestly justified. While the macro time frames are looking , the micro ones are looking like they needed some relief. I did mention this during yesterday's update as a potential scenario
We broke out if this , where we had the as the floor, pushing through that to a short term level of Supply where our most recent is on the 4h time frame. We have to pay attention to market structure at the moment, to determine whether this move is going to continue.
So what I'm looking for is a break of this short term , this will tell us if market structure is making new highs and continuing is a possibility. If we don't make that structure and this Supply stays in place, then we can very much expect the opposite and this longer term, overall move will continue. The beauty of using is that the guesswork is removed, we either break up, or this move fizzles out. I'm leaning toward this move giving us another LH for an eventual continuation.
Let me know what you think this going to happen!
Have a great day