I've been using this chart to successfully monitor sideways action in order to draw key structural levels since the flash crash -- the right most teal/black boxes were drawn the day we spiked from 550 to 700 based on previous levels and have been extremely useful as a roadmap for the sideways action. Everything is color coded with the exception of the first pink box. The Purple lines and arrows show what are, in my opinion, key divergences and convergences...
What we see on the far right is a climb away from these structures while price remains suppressed -- followed by the complete flat-line as we break above new highs on the indicator. This signals, to me, that the major accumulation phase has ended -- and the forces of the buy-and-holders vs. the rising external demand ("new money") are now more fundamental to the immediate future than they were in the last few months of explosive volatility and subsequent correction. This hypothesis is supported all the way out to the daily timescales as per this indicators analysis -- but only a zoomed in picture can really pick out the key levels and show when the price does/doesn't follow.
I'll look to publish more of my thoughts as we continue our journey sideways without much movement -- the longer we go, the more willing I am to confirm one way or another from a sideways movement. But at the moment (or more accurately, over the last few days), this chart is the only one I have "in play".
What we see on the far right is a climb away from these structures while price remains suppressed -- followed by the complete flat-line as we break above new highs on the indicator. This signals, to me, that the major accumulation phase has ended -- and the forces of the buy-and-holders vs. the rising external demand ("new money") are now more fundamental to the immediate future than they were in the last few months of explosive volatility and subsequent correction. This hypothesis is supported all the way out to the daily timescales as per this indicators analysis -- but only a zoomed in picture can really pick out the key levels and show when the price does/doesn't follow.
I'll look to publish more of my thoughts as we continue our journey sideways without much movement -- the longer we go, the more willing I am to confirm one way or another from a sideways movement. But at the moment (or more accurately, over the last few days), this chart is the only one I have "in play".