If it has not been a real failure, meaning we simply got inventories too long then in this case the thing we are currently seeing is only a liquidation of those inventories.
For now pit session didn't re test 31637. And I do not know if a test with US bank holiday could in any case be considered a valid one, due to the lack of participation of serious money in such condition.
So from here, weak participants of current pit session could continue the liquidation lower, eventually finding themselves too short or could re attempt a preliminary test of 31637, even without stronger participants involved.
For now we got acceptation inside Thursday pit session range, so I will not be surprised by a continuation downside.
At the same time note that we still have a considerable new gap upside from Friday pit session high. And this gap could support price action.
Ubi maior minor cessat