Post-open Review… Now waiting for third shoe to drop.

Not maintaining yesterday’s recovery is now followed by retracing its origin.

The pre-open slide greeted the open at 2036.50 and then extended further down to 2031.75. Consolidating around the 2034.50 bias-down signal for a half-hour didn’t imply any greater strength there. A better example would have been to quickly launch a rally from there, instead of chipping away at its support.

But 2034.50 was still being overlapped at 10:15 to invoke the grace period.

An initially favorable knee-jerk reaction to the EIA Crude Oil data triggered a blip-up to 2038.50. It blapped-down by 10:30 to isolate itself as only a knee-jerk reaction. But 2034.50 was still being overlapped at 10:30 to trigger noN-bias.

Being noN-bias, an offsetting test of the bias-up signal is not in-play, and neither is a test of the bias-down target. The bias-down signal isn’t required to define the range’s lower-end. That said, price is often inhibited from trending away from the bias-down signal throughout the noN-bias environment, but trending either way away from it would still be credible because it isn’t prohibited. Trending away from the bias-down signal is often retraced.

Regardless, nothing about the opening action is bullish. And it’s just bearish enough to maintain the bearish scenario.