Down (or up) spikes like that are usually not representative of the day's action. They're generally caused by a single trade that had nothing to do with the trading range of the day. Whether it's a mm ripping someone off who made a typo on their order or a typo by the mm that doesn't get corrected, it's the same result on the chart. I've seen several like that on erhe over the years both up and down.
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