Earlier on we had a rejection very close to this zone, and now we are bitting more into the supply, there are 3 outcomes which i can think can likely happen from here
1. if we get rejected again i am expecting price to return to the first demand zone and then comes back to take out the supply
2. we clear the buy stops and wick into price pivot zone labelled H4 resistance and then drop back to demand, another demand may still form under supply though, but as at time of writing, we have the demand below,
3. Price goes all the way to supply above at 7778 up and rejects to test demand created on the run or back down.
A close above the price line labelled h4 high/low will signal a strong price move and likely to go directly into the upper supply while leaving behind demands as it runs up.
We saw the downtrend momentum line been broken by a demand with great volume which shows desire for price to go up, i will believe if price returns to this first demand we are very much likely to see a bounce, otherwise the below demand should hold on higher tf basis.
Please do not take any word i say for it as everything written here is just my opinion and i can be wrong.
Not a financial advice.
1. if we get rejected again i am expecting price to return to the first demand zone and then comes back to take out the supply
2. we clear the buy stops and wick into price pivot zone labelled H4 resistance and then drop back to demand, another demand may still form under supply though, but as at time of writing, we have the demand below,
3. Price goes all the way to supply above at 7778 up and rejects to test demand created on the run or back down.
A close above the price line labelled h4 high/low will signal a strong price move and likely to go directly into the upper supply while leaving behind demands as it runs up.
We saw the downtrend momentum line been broken by a demand with great volume which shows desire for price to go up, i will believe if price returns to this first demand we are very much likely to see a bounce, otherwise the below demand should hold on higher tf basis.
Please do not take any word i say for it as everything written here is just my opinion and i can be wrong.
Not a financial advice.
Comment:
As stated, stops taken out and down, expecting a reaction from demand if we get there and then continuation to the upside, we can see the massive PA and consolidation/distribution inside of supply zone which shows whatever supply was there is by now depleted, hence a return to it should break easily and to pivot/upper supply.