INJ · 1H · SIDEWAYS

The short from my last read triggered, hit Target 1 at 6.92, and then got stopped out as price ripped back through 7.74 and all the way to 8.58. That's the context I'm working from — the thesis was right on the first leg down, but the bounce had structural legs and the stop was taken. Now INJ is at 8.12, sitting in a messy consolidation between roughly 8.10 and 8.50 on this 1H chart, with the EMA 9, 20, and 50 all converging tightly around current price. The daily trend is sideways and there's no clean directional edge right now — I'm not leaning either way until price resolves this MA cluster and prints at a level where the R/R actually works.

The structure since the Nov 5 high at 8.50 is a series of slightly lower highs, but the EMA 50 (8.18) is rising into price from below and the EMA 200 (7.67) is a long way down — so the broader structure hasn't broken. This looks more like a range chop resolving itself than a fresh downtrend beginning. The dense liquidation cluster at 7.87 sits just below, and two more dense clusters stack at 7.42 and 7.20 — that's where any real breakdown would accelerate. Above, 8.63 is the nearest dense cluster, acting as a magnet if price breaks the range high convincingly.