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If and when the bulls are really ready to go up, here's a take profit projection that's conservative:
47,784 - 48,025 - A range that's anywhere from a shallow pullback to deeper pullback towards the current mean reversion price.
The market can still drop after the pullback because the Hourly is very much in Bearish (directional) Market Bias.


Full Target

The drop continues. Look what's below on the Hourly. In case the bearish trend continues, there's a S&R Zone (that starts at 47,397) below and the Swing Low of 47,314 as strong Support Areas.
I have my doubts about it dropping that low today. The bulls have been fighting hard for almost 3 hours to halt this drop. You can see their effort through the wicks created in the last few candles.
*Side Note:
If you look at the bullish trend to the left of the chart and the bearish trend to the right of the chart, there are price action traders who would call these "Low Traffic Areas" for not having any pullbacks or consolidations in the way. It's a clear rise and drop without obstruction. They are mirroring each other as opposite moves.
