Last week a long awaited breakdown followed after Scenario1 rotation, and market tested lower level at 4031 before heading south.
Possible Scenarios are considered: 1) Short on retracement 2) Rotation 3 Test of T1 / T2, Reject and short
Weekly: Ave vol, higher than previous bar's EwR bar closing at low = supply remains, also exhibited commitment to lower prices. Daily: Ave vol down bar closing at low = supply remains H4: Ave vol down bar closing off low = some demand present
Price reaction levels: Short = Test and Reject | Long = Test and Accept