Hi all, I posted a 15min chart with Wyckoff markups a bit over a week ago for a bit of fun- and here's an update to that chart. Well you don't have to wait long to see how things develop when you're looking at the lower timeframes! On Wednesday there was a sharp test high followed on Thursday morning by a sharp test low, which certainly fits the description of some Phase C volatile testing. This was followed by some steady higher highs and higher lows through to Friday's close suggesting a potential Phase D change of character where demand was becoming more dominant- for the time being at least. It's been quite a battle between Supply and Demand with neither following through for a decisive victory as yet, and since the Stopping Volume bar back on the Tues 10th it's been like that on the daily chart too.
For bulls to take charge and prove themselves, they are going to have to get through and hold price above a zone beginning around the $1.32 level where price has reacted in the past, the bottom of a thick volume shelf and the 200EMA sitting at ~$1.385. The 15min chart looks like it's ready to pounce with a momentum sling-shot, which you often get during an uptrend after a pullback and buy-the-dip. But it's a 15min chart and we've had a whole weekend to take a breath! On the daily chart demand has managed to move the black momentum oscillator back up to half way for the first time in about 6 weeks but notice the blue Momentum Stochastic oscillator is already at the top on high revs. I think of the momentum stochastic as the fuel used to generate momentum, sort of the momentum of the momentum, so to me it suggests it has taken a fair bit of effort to get price to this point and may need to "re-fuel" to have a successful crack at the levels mentioned above.
Good luck all, Rooster
New TA/Charting, page-8238
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