48,000 bank level. Sellers just got trapped.
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The Hourly candle still forming has a very long lower wick that rejected the multi-tiered S&R Zone below.
Watch in the new hour if the bears show up to fill the lower wick partially or in full, then head back up towards the Bearish Trendline (in red dotted line). If the bulls cross the trendline and "clear" above it, then the market bias flips again from bearish to bullish for more moves to the upside. But if the bulls don't do a trendline break, then the Bearish Market Bias remains.
Another Possibility:
If the bears show up in the new hour for a lower wick fill of this tall bearish bar and continue downwards to do a candle close close past its low of 47,848, then more moves to the downside.

If this is a much deeper drop down into the S&R Zone below to breach it and head for the Swing Lows of 47,813 and 47,791, then more moves to the downside and the Bearish (directional) Market Bias gets reinforced. But if not, then back up again. Let's see how low the bears will go.
*Side Note:
The major drop down is the 2nd BIG move from the Triple Inside Day and Double Inside Day combination on the Hourly chart. The 1st BIG move was from the bullish trend earlier in the session.
