Guys I'll be honest. I did expect an upthrust, or at least a decent attempt. But it's looking like to them institutionally that the risk to reward ratio for trying to pry the prices up to dump from maybe cost them more than its worth. I see them really testing and prodding at the different resistances and supports.
I am going to give it one more chance to be able to push through this downwards pitchfork price range its currently locked in. I do expect at least one more attempt from them to push through to the top of the white line.
IF that fails, and price cannot push through that white line which is showing heavy resistance price wise, I recommend you close your long at that point because it will start making a case for Phase B to be completed with another drop likely below the support structure with a bounce back up to finish Phase C.
This is starting to show extreme weakness up here. So much so that they might flush the toilet on us faster than I thought and that that apathetic upthrust to 9400 trying to break out was the UT and the Wyckoff phase structure is compacted up here because there is extreme weakness and an inability to find buyers to start a rally.
Really watch for that white line. If it struggles to get above it, close your longs and throw in a short.
I am going to give it one more chance to be able to push through this downwards pitchfork price range its currently locked in. I do expect at least one more attempt from them to push through to the top of the white line.
IF that fails, and price cannot push through that white line which is showing heavy resistance price wise, I recommend you close your long at that point because it will start making a case for Phase B to be completed with another drop likely below the support structure with a bounce back up to finish Phase C.
This is starting to show extreme weakness up here. So much so that they might flush the toilet on us faster than I thought and that that apathetic upthrust to 9400 trying to break out was the UT and the Wyckoff phase structure is compacted up here because there is extreme weakness and an inability to find buyers to start a rally.
Really watch for that white line. If it struggles to get above it, close your longs and throw in a short.