Bulls seem to have taken control for the short-term but as we are making NSL's and LH's on a smaller timeframe than 1hr it is safe to assume we will continue our bearish momentum downward to either make a HL or a NSL. There is also a megaphone formation, and a harmonic shark formation. TP1, TP2 and TP3 have all been listed. (50%, 61.8%, 78.6%) If all these TPs are broken through it is safe to short past $5,748 for a NSL, but be careful once that low is broken as price behaves like an elastic, if you stretch it one way it will snap back in the other but the NSL's would reinforce our bearish expectation. If we break above our LH before a NSL is made on the small substructure, high probability we go to retest the orange line, and if that is broken, it should be clear until around $6,700-$6,800.
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I seem to have made a mistake, I was under the assumption that we had already made a NSL, because we did not; the LH that needs to be broken for bulls to be back is the one above the one marked. My apologies.
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Bulls seem to have overpowered the bears but based off previous price action this may not last very long; it seems it may have been a retest to satisfy the PRZ of the Shark. We are still in our megaphone formation (expands) which is why we will start labelling the new NSL's and LH's / NSH's and HL's after the megaphone formation has been broken. They are infamous for whipsawing traders out.
