The first scenario relies on the daily wick being filled on the lower time frames and a break of current support.
The second scenario relies on support holding, for the time being, and the formation of a right-hand shoulder of what could be the makings of a bearish head and shoulders top.
Both scenarios would equate to a downside opportunity from which swing traders can administer from a lower time frame, such as the 4-hour chart, for optimal positioning.
This would be according to market structure and price action.