Lets look at the Daily (RTH) chart next. On Friday May 17, the S&Ps once again broke out above a 2 Day Balance - the Breakout level at 1659.75 is now Support. So far the breakout is intact.
Lets look at Profiles next. On Monday, Attempted direction was up, however we saw some liquidation late in the day. Value and POC were higher. The base of the Spike from Friday and breakout level - 1659.25 held as support and continues to be support. The shape of Monday's profile suggests that we may have some shorts that were piling on as the liquidation began in the afternoon. Both Friday's POC and Monday's POC are prominent and have good odds of being revisited. For Tuesday, I am treating the green rectangle below as a Balance area. Do we Open in or out of Balance relative to the identified Balance area? Trading above the Balance targets Monday's high and keeps the trend intact. Trading below the Balance targets Friday's prominent POC and breaks the 1-timeframing pattern.