What would you say?
In fact, it's not the REAL support. If one understands the real HH & HL, then you know why. There was a so called DT (Double Top). A Low is only confirmed, when the former High is broken = at least a couple points close above.
So - target is at least the L-MLH bevor a bigger rebounce.
- orange A/R Set
- centerline (bue)
- block resistance from prev. price action
... from where short trades could be initiated.
My stops would go at least above 79, which is also the area from where
potential RiskReversals or BearCallSprads could setup with confidence.
Because if we look at price action on the chart, we can observe that
such harsh up- thrusts we had now, lead in a fall back because price
is running out of buyers.