The recent fall broke new lows directly on the five-minute chart, so yesterday's daily chart long lower wick is negated, no buying the dip. The drop from this position isn't too bad; if it were bad, it wouldn't break new lows and would bull trap a bit before dropping again. The difficulty in today's market has passed, with the challenge being the morning's rebound that bull trapped to 116700; this move had a lot of volume and was very misleading, causing many people to be lured in.

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