ARB · 1H · DOWNTREND

Price peaked around 0.1010 in mid-July and has been printing lower highs and lower lows ever since — the structure is clean and unambiguous. The drop from 0.0920 on the 22nd was sharp and impulsive, and price has been grinding lower along the right side of the chart, now sitting at 0.0781. There's no base forming here, no absorption, no consolidation with tightening ranges — just a slow bleed into new local lows. The macro backdrop from available headlines shows the Fed holding rates steady and Nasdaq weakness from chip stocks, which does nothing to help risk assets like ARB. I'm not looking for a long here — I'm watching for a dead-cat bounce into the 0.0820–0.0830 zone to confirm the next leg down.