On the 8h chart we can see this huge distribution range. Remember market makers never make this easy....if the retail crowd is overwhelmingly bearish
then various tactics will be deployed to target stops. In this example I would expect a retracement higher first. Thus traders who went short with the breakout lower will bail out, and the bullish
intraday traders will afterwards be the victims, as they all raise their stops in ladder-like fashion, not expecting a sudden drop.