Best to let the Pit play it out, short exit complete and watching into 2PM EST. Would be nice if it came back to -236 for potential entry.
Volumes very low and looks/smells more like a trap accumulating eateries for larger squeeze. 4hr flagging… trading the breaks only of larger timeframes.
O/I continues to decline.
Volume is light at this level between the Highs and -236.
Spread has widened which is an indication of a move to higher Price, or has been repeatedly.
Broad Market risks abound and trading the break below should it fail. 4hr just broke flag…. see if they reverse that tempting short.
Risk to both sides remain this time of day, @ 2PM EST and through 230PM EST we’ll have a much clearer direction for Price’s intent.
Typically these types of movements end up a trap on one side or the other.
The lows high and second test of the 3150 remains constructive until it fails. The 15 min is posting up a large Hammer… all designed to confuse and delay where Price is actually heading.
Patience wins the race, plenty of trades ahead.