As stated in the previous post, price moved through the LVN up to the 23900-24000 area of high volume, where it has slowed and started to consolidate. Price could hang around this area for several days as it tests the pivot and builds the volume profile, although on this timescale it is already elongated with an overall positive skew, showing volume building at higher prices. A daily and then weekly close above 24000 is very bullish as in the last two weeks price has re-entered the broadening formation range (blue trend line), opened above the weekly pivots and continued to rally, reclaimed the monthly pivot and yearly DM pivot, and is now attempting to take the yearly pivot.
If we move lower through 23150 and lose the pivots we immediately flip to bearish. Likewise, if we start opening below the weekly pivot we will have a bearish stance for the week.
If we move lower through 23150 and lose the pivots we immediately flip to bearish. Likewise, if we start opening below the weekly pivot we will have a bearish stance for the week.
