Passe — pas de trade

The gate fired on a 5-minute reclaim of pdVAL ($77,912) — but a 5m close is never a valid trigger on this book, and the most recent CLOSED 15m candle (10:00 UTC, O $77,854.7 H $77,925.5 L $77,731.4 C $77,831.3) closed DOWN and BELOW pdVAL, so no 15-minute confirming close through or rejecting the level has printed. Structure is also mixed: price is pinned between dPOC $77,918.5 / dVAL $77,686 with 4h CVD confirming down and a bearish day (below VWAP $78,351.7 and D-Open $78,511.5), while 5m delta is mildly positive — corroboration is not clean either way. No trigger, no trade.