HI,
Price had broken out above the horizontal line A at candle 1, and then retraced back to line A but for many days , price failed to close back below line A (now a support line)
At bar 2, price managed to close below line A, but the next day it rallied again and closed above line A. This created a potential spring formation at the bar 2.
As we can see from the downmove that leads to the low at bar 2, the cummulative wave volume was modearately high. Market usually will retest this high volume wave. This happen at bar 3, where there was a widespread down bar but the volume was very llight
The last bar (bar 4) was interesting, its a high volume bar , but it has lower wick and the close was in the middle (Doji candle). If the high volume were from sellers, then price should close more towards the low of the bar instead of in the middle. So in my opinion there was a lot of buyers within this bar. (If you go down to the smaller TF, e.g the 5 mins, u will see the highest volume transaction within bar 4 occured at the 5.29- 5.30 level, which was the lower part of candle 3 and 4. Professional money buy as low as they could, and sell as high as they could)
I'm looking forward for price to rally at least to the recent major top.
Trade at your own risk, this is just me sharing my analysis (and learning journey) using VSA/Wyckoff/Weiss wave methods
Price had broken out above the horizontal line A at candle 1, and then retraced back to line A but for many days , price failed to close back below line A (now a support line)
At bar 2, price managed to close below line A, but the next day it rallied again and closed above line A. This created a potential spring formation at the bar 2.
As we can see from the downmove that leads to the low at bar 2, the cummulative wave volume was modearately high. Market usually will retest this high volume wave. This happen at bar 3, where there was a widespread down bar but the volume was very llight
The last bar (bar 4) was interesting, its a high volume bar , but it has lower wick and the close was in the middle (Doji candle). If the high volume were from sellers, then price should close more towards the low of the bar instead of in the middle. So in my opinion there was a lot of buyers within this bar. (If you go down to the smaller TF, e.g the 5 mins, u will see the highest volume transaction within bar 4 occured at the 5.29- 5.30 level, which was the lower part of candle 3 and 4. Professional money buy as low as they could, and sell as high as they could)
I'm looking forward for price to rally at least to the recent major top.
Trade at your own risk, this is just me sharing my analysis (and learning journey) using VSA/Wyckoff/Weiss wave methods