Theory: Here was the Liquidation Level chart 10 hrs ago - look at the yellow 50% pullback lines I added. Now look where the exchange flushed the price to today.
They will always pull back 50% of every move. With liquidation cascades and panic sellers the wicks will drop lower than the 50% but quickly recover to the yellow line.
Traders: How to use the yellow 50% line: When we are up in the top of the range and I indicate the yellow 50% lines, set limit longs there especially before you go to bed.