I put it in a spoiler in case anyone was still looking at the challenge.
I just marked out some levels of Preliminary Supply that aligned well with some pivot points throughout the Major Horizontal Range. The Trending Range aligned the Climax to the Secondary Test produced a nice fit and Preliminary Supply levels here in bolder dashed lines appear to have been important levels of support once overcome.
The recent Shakeout/Test which confirmed with the last bar appears to have tested the Massive Volume bar from the Month before and closed well on high showing strong instantaneous demand exists at this level, and followed through on the next bar with a slightly reduced spread bar on complementary reduced volume, but importantly, closing on its high, 2nd highest close only to the highest close in 4 months, a week ago when price closed in a Major Sign of Strength above the Supply line of this Trending Range.
An expectation of continuing strength, if this strength we are seeing is Reaccumulation, should see Mark up continue above the recent high, however a break below the recent test low would be a bearish sign and if we see further High Volume Supply entering, potential Distribution.
The high volume bar a month ago goes against the idea that Supply is being withdrawn from the market, higher prices there were taken advantage of to offload into, and price responded lower making a lower low before moving higher again on well below average volume and reducing spread, not exactly a Sign of Strength but a nice move higher all the same. I'd definately be more confident of this being Reaccumulation if we saw increasing volatility to the upside in Volume/Spread from the Lower low as this would be where we would see the Change of Character into Phase C/D, and I'm just not that sure we've seen this yet, I'd just be very cautious of Massive Supply coming in, just my thoughts, definately not advice
Cheers and once again great to see you back here Jako, hope your machine setup has come together well for you
