I believe we should trend upwards for a while. There should, however, be major resistance near the $8,400 long term mode. I plan to sell into that area and reassess.
There's that mode resistance, mid-$8,000s. I hope y'all weren't too greedy buying the top. 
Not saying the bull trap is over yet. But it could be, and this was definitely an optimal profit-taking level. Time to see where support lies. I'd like to see $7,200-$7,500 tested and support to hold. Then maybe I can re-accumulate longs.
Okay, so we're dipping into the aforementioned $7,200-$7,500 area. We've got the 20-day MA here, often an important level. And we've also got an area of prior consolidation, tested in both directions:
I avoid catching falling knives; the downside momentum is too strong for me to do anything here. But I'm on the lookout for a potential base to long from.
Bear flagging in the $6,900s.
This is not what I was hoping to see. And it's also why I don't catch falling knives. People who do that get stabbed in the neck more often than not.Short term (1-hour chart), the last two attempts at new lows were bought, and there's a potential tweezer bottom on the 12-hour chart, so this could be a local bottom. I'm not getting my hopes up too much though. Falling through the last bull flag the way we did? That's not bull market behavior.
