The analysis begins by noting downside pressure and highlighting a red resistance area. There is an anticipation of a market reaction at these resistance points. The current reaction is described as noticeable. The structure is playing out nicely with potential to grind higher. A break above resistance is needed for further upward movement. Staying below the resistance area favors an orange scenario. September historically shows weakness, influencing the analysis. Seasonality analysis highlights historical trends. A high typically forms in August, followed by a low in September, leading to a bullish Q4. Absence of a five-wave move down is noted on the hourly chart. A $101,800 level is identified as the 100% extension. The analyst considers C waves could be shorter. The overall direction has been up based on relevant moving averages but recent pressure could show a change.