The "zoom out" game serves well again, as the hourly bounce got some follow through we zoom out to the 4 hour and realize just a lower high was likely. After setting the lower high we faded back and got the new low on this consolidation. We remain in an area with a lack of support, just the lowest price we have seen $3,129. Bears continue to have full control and we will be watching the 4 hour downtrend for guidance. 4 hour RSI is oversold, but it can certainly get a bit more extended from the upper 20s. 4 hour inside bar also just formed, as something to watch for this morning.