There is a lower percentage chance of this happening opposed to a bullish test of $200 however this is the BIG bear case
Notice how the retracement of the "C" wave at $100 had no front-run/algo activity indicating they flipped long at the 0.886, this indicates that this was a liquidity hunt to stop out shorters
Notice how the retracement of the "C" wave at $100 had no front-run/algo activity indicating they flipped long at the 0.886, this indicates that this was a liquidity hunt to stop out shorters