The first 5 min oversold bounce, the first hourly oversold bounce, etc.
This bounce occurred just above $7,000 psychological support and was market by a climax and a very strong $400 bounce.
Now that we have seen the bounce play out we need to be more cautious as the odds of a lower high increase.
Lose the hourly higher lows and we will likely see the bears take back over for the near term future.
Still very healthy daily consolidation.