I have split it the chart into two sections with a vertical line. The left section, the bearish move and the right section, the bullish move. To be able to read the chart you need to focus on three things : 1. price location (as far as structure) 2. Volume Wave size and 3. Speed Index
Let start from the left:
Coming down with down volume waves greater then the up volume waves and price move agrees by moving down. Notice the Speed Index on the down waves which they are on average side without any extremes except one , that 35.7 close to support which means that buyers might be coming in.
Mid of chart
We hit and break support, and do a false break
Right side
The immediate reaction after the fake break is a huge up volume wave. Ok buyers are in control (therefore I will not consider the short signals produced by the indicator but only the long). What's confirming that there is heavy buying apart from up waves and the price moving up are the down volume waves. Why is that? Check out the Speed Index numbers marked with the arrows. High Speed Index numbers and price keeps break up = byuing on the down moves
Now let's look at current position and forecast.
Currently we have touched the 50Fib and entering 50-61.8 Fib area. So there is a possibility to find sellers. Going Long is a bit of a risky but I think price could move easily to 61.8.
Good luck
Let start from the left:
Coming down with down volume waves greater then the up volume waves and price move agrees by moving down. Notice the Speed Index on the down waves which they are on average side without any extremes except one , that 35.7 close to support which means that buyers might be coming in.
Mid of chart
We hit and break support, and do a false break
Right side
The immediate reaction after the fake break is a huge up volume wave. Ok buyers are in control (therefore I will not consider the short signals produced by the indicator but only the long). What's confirming that there is heavy buying apart from up waves and the price moving up are the down volume waves. Why is that? Check out the Speed Index numbers marked with the arrows. High Speed Index numbers and price keeps break up = byuing on the down moves
Now let's look at current position and forecast.
Currently we have touched the 50Fib and entering 50-61.8 Fib area. So there is a possibility to find sellers. Going Long is a bit of a risky but I think price could move easily to 61.8.
Good luck
Trade closed: target reached:
Fib 61.8 reached