At gap-closed, an exit and reversed long was a prudent decision to make as gap-close was also simultaneous with a test of prior day high, which at that time served as a support level for at least a bounce to test day high or higher high.
A second test of prior day high that failed to break through implies the morning trend was up, which was exactly what happened. A break above the initial range high that failed to follow-through to the upside implies wave 5 of 3 might have ended, hence a prudent strategy was to look for a short that should take price down to the balance point (pivot). A very large sell program must have panicked many bulls as price easily crashed down through pivot support.
