Background geometry here is offering a framework for this nascent dynamic, as price is expected to reach the price level level of Point-4 as a high-probability event, versus a 1-4 Line attainment.
Independently, the Predictive/Forecasting Model remains open to its most target at 1089.93, defined on April 10th - See larger analysis here: , as well as smaller frame analysis here: .
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It is not an ideal one (i.e.: lacking the ab=cd reciprocal symmetry of the 1-2 leg, and possibly emerging off of an incomplete Elliott Wave IMP ... I am not sure, as I'm still away from my laptop ... Still on vacay), but it certainly has promising features.
Please, let me know whether you were successfully trading this riding 4-5 leg ... Use the Fibs extensions from the 1-2 leg, 2-3 leg and 3-4 leg, looking for clusters at 1.131, 1.272, 1.313, 1.414 and 1.628 extensions.
Very nice. Thank you for sharing in this thread.
I say loading or unloading, since volume only refers to intensity of activity. In most program, it will change color depending on whether the candle/bar with which it is associated has a close above the open (GREEN) or below the open (RED).
In future price action, this level will become a significant pivot, or may already be acting as a reversal.