Post-open Review… Knife catch. Not quite blindfolded.

Straight down since the open, but targets met.

Coming within 1 point of Thursday night’s 1999.00 limit-down had bounced to greet the open at 2011.00. Price action trended almost straight down from there.

The requirement to retest 1999.00 was fulfilled. Its influence was modest, triggering a bounce that attacked 2004.00.

That didn’t last, and another downleg fell to 1991.25. Retesting 1999.00 down to 1993.50 was fulfilled. The question is whether that’s enough for another bounce.

Another bounce would be relatively substantial at this stage. The 1993.50 target was met just after violating a bounce limit. And before forming a new distribution pattern, let alone triggering it. This pessimism often proves optimistic — which can be bullish from a contrarian perspective.

Only 1-minute RSI is avoiding oversold territory, as the drop extends down to 1988.50. There is still room for noise down to 1980.00. But back above 1999.00 at this stage could trigger a much larger rally than most would have expected today.