The price had previously made a brief upward pullback, followed by a sharp downward impulse. This impulse broke through the local microstructure and was accompanied by a strong directional candlestick, indicating liquidity escaping and active selling pressure.

After the decline, the market entered a minor consolidation below the breakout level. This structure often forms as a short pause after an impulse, when some participants take profits and new sellers join the movement.

The price is currently holding below the zone where the local rally broke down, so the short-term advantage remains with sellers. As long as the market remains below this area, the downward movement to the nearest support level in the 70,100–70,200 range remains likely.

If the price manages to return above the breakout zone, the scenario could shift to a deeper upward pullback, as the current movement occurred quite quickly and may require a correction.

In summary:

After a local rally, the market experienced a downward impulse reversal. It is currently in a brief consolidation phase, and in the short term, further declines remain the priority until the price returns above the area of ​​the last breakout.