FRIDAY
12-JUL
Price took out LW low and reacted from the W1 buy zone that caused the latest rally.
There hasn't been a single W1 candle close above the $306 resistance level where sellers seem to be stepping in.
Following the reaction from the W1 buy zone, price is rallying today and seems to be targeting Y high.
Y'day's close seems very bearish and the current rally may be capped once price faces some resistance around $280 and beyond.
On LTF, there is a sell zone just above $280, which is also the swing high of y'day.
This is also the zone that caused the latest drop, taking out LW low.
If sellers are willing to defend their positions, price may face resistance once this zone is reached.
Price is coming off a W1 buy zone, so shorts could be very risky right now.
Additionally, the break of LW low could be a stop run just to trap some sellers and a new rally may be about to start.