Bias-down target 2 ticks away… will it hold if touched?

[pay]Two tests of 829’00 as resistance failed to gain traction, and each pushed back down to prior lows around 827’00. The 3-minute MACD & RSI finally joined the 1-minute indicators by also diverging positively. Price action could not have cared less, and seemed for several minutes to have fallen asleep.

But what seemed like apathy towards the positive divergence was actually warning that the setup wasn’t bullish. Like the 1-minute setups preceding it, this 3-minute positive divergence would be ignored, as well. The 822’50 bias-down target was attacked to within 2 ticks pre-open, and I expect its test after the open so long as 825’00-825’50 contains bounces.

We’ll assess the low’s retest after the open for indications either of holding, or of extending the downleg to 807’00-809’00. Recovering 825’50-826’50 through the open might leave the pre-open low’s retest behind for a later time, whether later today or later this week.

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