The fear is out and folks are running for an exit; the reduction of short risk exposure in progress. Best time to look for long entries. However, watch for the transitioning of lower timeframes into bullish or sideways formations for potential long-term buy entries with reduced risk. A 1R return of 2K per contract is the minimum expected return here with a potential for 5R before this contract expiry.
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Looking for failure tests below the 5050 mark. Too early it seems to enter long here. Patience is key.