The XJO closed higher on Tuesday. Spread was wide again, but...

The XJO closed higher on Tuesday.
Spread was wide again, but volume was reduced over the previous two bars, suggesting price traded within a temporary supply vacuum today.
We saw the response to Mondays strong buying today, and I reckon we can say the yesterdays buying was confirmed.
Price closed adjacent to the highs of the breakdown bar, so only the 'easy' ground was recovered so far.
That leaves the market with a nice looking, but still incomplete, multi bar shakeout (green box), that needs a breakout above last Friday's high, to be proven successful.
This appears to be a repeating process right now in our market, however this one appears to have more 'intent' than those previous.
So as usual we await the response
I expect price to issue a challenge to that level sometime this week, perhaps after a brief test for supply....


cheers

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