As mentioned in the previous chart, we expected to spend several days, if not longer, at the yearly pivot while the direction of the next move is determined. This is reflected in the building of the volume profile and change of point of control to the 24000 area. This still gives the profile a positive skew (P shape overall) as value builds higher, and with the second high volume node at 23200. The accumulation/distribution line was rising throughout.
We still did not manage a close above the pivot though, and if price doesn't manage to decisively break the pivot with a daily and then weekly close above this could be an excellent swing short trade for a move down to 21000, which is the YS1 pivot and a major volume area. Likewise a close above 24000 is a long for the next leg up.
23770 is the level to watch for the open- bullish/bearish bias for the week depending on an open above or below.
We still did not manage a close above the pivot though, and if price doesn't manage to decisively break the pivot with a daily and then weekly close above this could be an excellent swing short trade for a move down to 21000, which is the YS1 pivot and a major volume area. Likewise a close above 24000 is a long for the next leg up.
23770 is the level to watch for the open- bullish/bearish bias for the week depending on an open above or below.
