Passe — pas de trade

The gate fired on a 5-minute close below pwVAL ($77,782), but the last CLOSED 15-minute candle (14:45 UTC, O $78,324 / C $78,085.5) closed well above pwVAL — no 15m trigger has printed at the level, and the 15:00 candle that is actually breaking it is still FORMING. A 5m close is corroboration only, never the named trigger. Additionally price is sitting right on the developing dVAL $77,532 / dLow $77,420 / W-Open $77,650.6 support cluster, so a fresh short here would be fading momentum into support — the only permitted trade at that cluster is a reaction (reclaim/SFP), which has not printed either.