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As it is a "look below and fail" on the daily (Wyckof "Spring") i gave it more room to see if more energy (new money buyers) comes in. This did not really happen but can happen anytime.
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CONDITION 1
we one more time topped near ath and sold off
multiple month balance area
CONDITION 0
eth was not able to shpw substantial covering
spent its time in or under the spike
open near y l
THOUGHTS
yesterday in K as well as today in EU session covering gained no traction
This can change in rth but it cal also be a sign of weakness
We will see
CONDITION 1
3.5 month balance
weak at the top
weak at the bottom
CONDITION 0
eth is 99% inside friday rth
THOUGHTS
Until we see a factual breakout assume more status quo (balance)
> be cautious with shorts at the bottom (If, then narrow)
> The more adult trade occurs when other short players are short in the hole and Covering starts
Principally it worked like assumed in my pre market
But it did not develop real traction
It was not able to get fridays weak high (and my targets there)