Great analysis PP looks right on the money to me. Failed tests are interesting, I personally dont find them too reliable.
Thurs and Fri are interesting narrowing range and somewhat reduced volume. (daily indexes and there futures seem to not have the huge volume swings that you see intraday and on stocks). Looks like the bulls are losing interest (no demand). Europe has just opened more or less at the same level. It will be interesting to see where she goes from here. Of course we may test supply higher or they may re establish control or or or but what is going on now is pretty clear to me (PP has hit the nail on the head).
Oh btw PP you mentioned one more 'clue' that was not in your post, mind if I ask what? You aren't a closet indicator user
Have a great week every one.
Cheers.