Post-open Review… On, or off?

Pre-open slide extends through the open, and then not.

Reacting down from the 1994.00 overnight high greeted the open at 1987.50. Extending down choppily post-open tested 1982.00. That fully retraced to where the overnight consolidation had first broken higher.

This morning’s 1986.00 bias-up signal failed to trigger. A blip-up attacked it to within 1 tick at 10:15, but it wasn’t touched. A bigger blip-up overlapped it at 10:30, but that was retraced. An offsetting test of the 1977.00 bias-down signal is in-play.

Meanwhile, a jump in Crude Oil triggered a bigger surge to 1991.00. That’s above the bias-up signal during a no-bias environment. It is “no-bias trending” that is doomed to failure. And it potentially stretches the rubber band for a more substantial drop.

A more substantial drop remains in-play with the topping template, whose timing suggests a much deeper and steeper drop this morning. Not declining would not be optimal, but only rallying can invalidate the vulnerability to extending down further.