With three taps at the high, it looks like the Bears caught a Wyckoff Model 1 distribution and dumped the market.
But before the Bears could reach their full target, the Bulls stepped in and said not so fast.
Now it looks like the Bulls are off to a solid start today. The first challenge is clear, they need to get back above 79,457.4 and hold it.
After that, the next real test will be the upper trend line of the bear flag. If they get rejected there, things could turn right back in favor of the Bears.
At the same time, the Bulls did leave behind some demand to work with. We have the 1D Order Block and the 12H Demand Range sitting below, ready to act as a safety net if price pulls back.
And that is going to matter.
Because if the Bears show up sooner than expected and try to complete the Wyckoff distribution, those demand zones are going to be the Bulls’ best shot at staying in the fight.