BBOZ Weekly shown below
Does the hollowing out of the green Demand Zone (note: price has clearly penetrated to the downside) signal necessarily that the market (XJO) is now confirmed bullish (in the context of monthly/quarterly timeframes for example)?
BBOZ is of course a derived instrument in that it's price is determined by another instrument (the XJO ...which it could be argued is itself "determined" by the DOW... ignore that for the moment...), so you'd assume that BBOZ isn't self-determined and therefore *MAY NOT* have a Market Maker controlling it (or more correctly, able to control it). I wonder if Demand and Supply zones don't apply in this case... This is just a speculation. Interested in hearing opinions.
Disc: I'm bearish. I think there is a big second leg down in the DOW/XJO at some time soon (sometime within the next six months for example)
O/T: there's a ton of buying included in all those red volume bars to the right
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- Day Trader’s Weekend Aftermarket Lounge 18-20 Sep 2020
Day Trader’s Weekend Aftermarket Lounge 18-20 Sep 2020, page-145
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