We came into the day from a 3IB day on friday and we ended as another 3Ib day.
A 3 IB day is when the market does a range extension which is three times the IB or initial balance or the first hour of the day. When the market does that odds are high the the continuation can be halted or the market consolidate after the first hour has gone by.
This is what the market did in the first session. The open above spike high was a good indication that longs were still in and the upmove from friday would continue.
Similarly tomorrow the NF should open below the spike low ( day low) for continuation of today's late sell.
If that does not happen then we may see a rotation back to 5073- 5079 and an auction to develop that zone.
Today's sell came as the market moved into the previous day's range ( below pdh).
When that happens the market always has a chance to visit the value zone as we saw in the NF today.
The BN did not visit VAH by 10 points.
There were 3 trades discussed in the room today
a) the first move below IB low was met with failure as an ALGO stepped in at break point and the sl at vwap was taken
b) a counter trade above vwap to IB high went exactly to IB high. This was a proper IB band trade
c) A third trade below IB low to pdh and 2IB went to plan and the market also did 3IB.
The trade suggested above IBhigh did not materialize.