This time I will use the futures contract, in order to see the volume. I have worked with LazyBear over the weekend on a new tool, and I want to thank him for his amazing work!
Looking at the weekly chart, there are strong hints that a reversal is coming. The Force Index, tuned with some Keltner Channels (which took a lot of work) tracks the reversals. The oversold condition, combined with climactic action from the Weis Wave, combined with extreme deviation from value provides reason for going long.
Moving to the daily chart, the picture is simply fantastic. There is a massive bullish divergence on all momentum indicators.
The activity on the Weis Wave is as high as it gets. Very high waves, with lack of progress to the downside. Down Waves are larger than up waves, which signals that there is no reward for all the selling.
Going over the last 4 volume bars on the chart, that is 29.10.2014 - 03.11.2014, the first candle is bearish, with a high range, with volume higher than the previous days. However, the later 3 candles are bullish, and the volume on them is even higher than the strong down day. Is professional money buying or selling?? Probably buying! This is a new technique that I'm learning, so take all this with a pinch of salt. Reading volume is much harder than people believe.
Looking at the weekly chart, there are strong hints that a reversal is coming. The Force Index, tuned with some Keltner Channels (which took a lot of work) tracks the reversals. The oversold condition, combined with climactic action from the Weis Wave, combined with extreme deviation from value provides reason for going long.
Moving to the daily chart, the picture is simply fantastic. There is a massive bullish divergence on all momentum indicators.
The activity on the Weis Wave is as high as it gets. Very high waves, with lack of progress to the downside. Down Waves are larger than up waves, which signals that there is no reward for all the selling.
Going over the last 4 volume bars on the chart, that is 29.10.2014 - 03.11.2014, the first candle is bearish, with a high range, with volume higher than the previous days. However, the later 3 candles are bullish, and the volume on them is even higher than the strong down day. Is professional money buying or selling?? Probably buying! This is a new technique that I'm learning, so take all this with a pinch of salt. Reading volume is much harder than people believe.