Higher Time Frame Analysis:
On the Daily Chart of April 17th, Price swept the 4 weeks Range low and immediately after that, price breaks above 4 Hour short term high indicates this price leg down from ATH is merely a liquidity hunt.
Other confluences to support this idea:
1. Commercial traders report are still holding heavy long book
2. Open interest sharply declined during the consolidation period between March and April
Entry Signal:
4H and 15 Minute timeframe agree with each other with bullish bias. I anticipate early next week to sweep the sellside Liquidity below 63K to enter Long.
On the Daily Chart of April 17th, Price swept the 4 weeks Range low and immediately after that, price breaks above 4 Hour short term high indicates this price leg down from ATH is merely a liquidity hunt.
Other confluences to support this idea:
1. Commercial traders report are still holding heavy long book
2. Open interest sharply declined during the consolidation period between March and April
Entry Signal:
4H and 15 Minute timeframe agree with each other with bullish bias. I anticipate early next week to sweep the sellside Liquidity below 63K to enter Long.