It’s all good mate, we’ve all done it.
Volumes on retracements is pretty important to monitor IMO. But keeping it pretty simple, while there is strong volume on red candles then in the world of probabilities the SP has further to fall. The keen eye will determine when selling is slowing and supply drying up. Can often happen around support levels so accurately plotting horizontal supports is vital. But when this happens, it’s important to note that this is not an entry signal but just a “pay attention” signal. You’ve seen when SP’s fall through support as the market is re-rating the particular stock so you need to revert back to your own proven entry system.
I’m talking about all retracements here, not just wave patterns. Josh I suggest you follow W3Hunter, the king of Elliots and a great educator.
Just my opinions that’s all.
Cheers.
PLS chart, page-16297
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Last
$2.98 |
Change
0.110(3.83%) |
Mkt cap ! $8.969B | |||
| Open | High | Low | Value | Volume |
| $2.99 | $3.10 | $2.95 | $98.90M | 32.90M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 5 | 16986 | $2.97 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $2.98 | 175531 | 5 |
View Market Depth
| Last trade - 16.10pm 26/07/2024 (20 minute delay) ? |
| PLS (ASX) Chart |