After a spectacular rally last week market bulls are taking a pause. Last two days look quite bearish on the daily chart but if we look at lower timeframes we won't see any signs of strong selling. Price is drifting down very slowly as a result of profit taking and low initiative from buyers. The high level context is still very bullish: we're in an uptrend, market made new high, retracement <30%, there is an unfilled gap from last week.
There will be some volatility as new economic data released, but at this moment my bias is 100% bullish
Disclaimer I don't give trading or investing advices, just sharing my thoughts
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On Tuesday we saw first signs of bulls coming back. In the first half of the day price broke previous day low but break have not got follow through. Price returned in prev day balance. I would not yet bet that this is the end of consolidation, bears might still have some steam. In order to confirm their control bulls might hold Tuesday low and shape 1h uptrend
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hourly higher low set, now we need daily higher low for confirmation of bullish control. I'm a bit concerned about futures chart though. There is 4h low, which is not ideal for bulls
Trade closed: target reached
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Daily higher low is convincingly set. There might be some bearish resistance near 510 and we'll end with inside week. But so far bullish control is fully confirmed