After the initial excitement the selling started in 2017 after a buying climax on high volume. And there has been selling all the way down. Every time there was an attempt to rally on good volume the price was unable to make new highs (Wyckoff principle: Effort without Response) indicating selling dominating. The selling has just escalated since falling below R29. The latest selling was done when passing R21. It again tried to rally on some volume but could not break back above it and it looks like we can expect more downside. There are no clear signs of buyers stepping in so for me the only option is down. However, how much downside is there left? It does seem as if there is some slowing in the downward movement and there is a wedge forming. However, there has been no selling climax and the buyers' footprint cant be seen just at the moment. So, for now, I feel safer on the sideline with this one.
Is that your own volume profile you are using or from TV? I've struggled a bit with the TV volume profile trying to set it up right.Thanks again.