$M sits in a reaction zone where prior momentum has slowed but not reversed, suggesting recalibration rather than exhaustion. Price is respecting its base without heavy distribution, and that subtle stability often hints at quiet positioning. The absence of aggressive follow-through on pullbacks keeps the broader structure neutral-to-constructive. If buyers reclaim the recent high with conviction, continuation could unfold steadily. But if the base begins printing lower lows, the tone would shift quickly into correction. For now, it’s a balance phase structure first, momentum later.