$ME is in a clear free fall right now.

There was an attempt from bulls to step in around the 0.1785 level, but sellers quickly regained control. That tells you the downside pressure is still strong.

At this point, I’m expecting a bit of consolidation maybe some sideways movement as the market cools off before another potential leg down.

For now, structure favors the bears. Let’s see how price reacts after this pause.