Initial shot across the bow
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After printing a marginally higher high premarket compared to last week's high, price rolled over sharply after the open and and briefly undercut Friday's low as one of the initial support levels noted that if broken would open the door to a potential top struck as wave (v) of iii. The next step toward confirming a top will eventually be taking out last week's low at 6680.
Until then, there is not a clear setup at the moment to assume that price is going to turn back up toward new highs again, but it is reasonable to treat at least an initial (A)-wave down from the pre-market high as complete and price working on a (B)-wave bounce. Based on that expectation, 6768.50 - 6781.50 is retrace resistance that can be tested before wave (B) completes.
Price would need to clear 6781.50 or produce a convincing 5 waves up from today's low in order to assume it has more bullish intentions currently. Otherwise, my assumption is that any bounce from here is corrective until proven otherwise.
