The Defender and BoundariesE-mini Nasdaq-100 FuturesCME_MINI:NQ1!SidgateCritical Area to watch 02/24 overnight: 25047 - 24969 Microstructure: 25065 - 25030 (after The Defender) The Defender: 22:30, black hammer + volume The London Open Impulse Candle: Best seen on a 5m chart. It is a WRC (white) with shaved bottom and shaved top. I always check the London open. It often sets the tone for the NY open. Sometimes it acts as the anchor. Sometimes it says "No looking back. This market is going higher." It must always be interpreted in context. Boundaries: 2/9 close, 25354; 2/11 close, 25288.5 Shoulders of H&S: shaded red I could write a book about this structure. But I'll let the chart tell the story. It is now establishing a new fair value. Acceptance will be seen as a breakout and retest of 25354 or rejection will be seen as a breakout of 25288.50 and retest. Thomas Hayes of Great Hill Capital has been saying for several days that in the short term we are due a "violent countertrend". This is exactly what we are seeing.