Like you It dropped to $250 and was bought back very quickly.
It went right back to the local volume zone at 544. After that we had a good correction and the buyers quickly scooped up the discount zone below 0.5.
There are now signs of an uptrend forming since we have identified a higher low. The trend change confirms a break in the structure and stability above the 544 level.
Locally, this may just be a sweep of 544 first and then a pullback. In the invasion scenario this is not a confirmation. In order to change the trend, I need either a slow move out and hold at the top, or a breakout of the level with a strong push and then hold at the top.
While the structure remains like this (a bit of a range), I would only make quick local trades or play on the edges of the range.
The closest target when the structure breaks to the upside is the 600-630 area (POC of the downward wave).
No!
