Ironically, even with yesterday's pump to $18,200, the TA points to a bearish structure remaining intact. If anything, the run created a High Pole Warning which suggests a retrace to $17,600, followed by a relief rally to the Last Point of Supply (LPSY) in the $18,000 region, then a fall on a Major Sign of Weakness to the $14,600 region.

With the CPI release today coming inline with expectations, I'm on the sideline waiting for confirmations before taking any position. I think once I see a reversal at the LPSY signaling the second leg down, I'll look to take a short position with a TP of $14,600. I think the R/R is worth it at that level.