The volume profile shows lower levels of trading volume as the price drops, which may indicate the absence of significant buying interest at current levels. This pattern could further support a bearish continuation until a major volume node or significant support is hit.
With the price moving downward, observe whether the selling volume increases on the next few candles. An increase in volume while breaking key levels would confirm bearish intent.
Bearish Continuation: If the price remains below 2,687.7 and volume increases, a further decline to test lower levels at 2,679.0 and potentially 2,670.5 is possible. Keep an eye on any bearish candles with high volume, as they would reinforce the move.
Bullish Reversal Attempt: If buyers step in near 2,687.7 or 2,679.0, a retracement could test resistance at the EMAs and the 0.764 retracement at 2,693.06. Failing to reclaim 2,696.2 would likely keep the bearish bias intact.