Once it can’t hold steady, it’s likely to trigger the next wave of a pullback soon. The portion from 1688 to 1722 is the “overflow,” which falls under the fill-the-gap category. Last night price pushed up into this area, so when a short position was placed at 1687, it got filled.

Today, resistance has shifted down to 1642. The 4-hour chart has already formed a dead cross; the rebound’s possible highs can only be looked at in the 1636–1642 range. And since there’s support at 1550, the trading range has compressed to less than 100 points. It’s easy for moves to extend in both directions, causing both longs and shorts to get wiped out—so for now the pace needs to slow down. Only open new positions when volatility expands again.