I wiped out the massive off market volume on the daily which, after the most recent increased spread down bar, leaves generally increased volume on relatively reduced spread indicating some bullish absorption at the lows.
Price has also remained in a comparatively fairly tight range here, so there is a Shortening of Thrust which combined with the increased volume would indicate some obvious support has been seen here, question is, is this Preliminary support or is this the base? With the removal of the off market volume I'm not completely convinced we've seen Stopping Action just yet. If this is only preliminary support another step down may follow with more, possibly climactic volume on market.
Yesterday's bar appears to have tested old support, new resistance, and closed just off the high, inline with the AR and tomorrow should give some indication of this being either a potential SOS or Upthrust Action.
Still very early days in this sideways range and price is yet to break either of the 2 downward strides marked so still remains under a negative influence, if price was to break higher I think the current 'Cause' being so small may provide a weak 'Effect' and be short lived.
Could be completely wrong here and that's ok, but I think it's good to explore the possibilities.
I also noticed on the weekly, is that a 2 bar reversal at the low? Not sure it's ideal as volume is higher on the second bar and spreads are relatively low? Last vol bar missing as incomplete.
Cheers mate, hope your enjoying the big blue, a well deserved break I'm sure