Distribution zone between 23750 - 24250.
From my experience, Accumulation / Distribution is carried out in usually 2 or 3 phases in different zones. Prices will swing up and down to trap traders but will quickly come back into the zone for more consolidation until the big players are done.
My view is that we are not YET ready for the resumption of main trend down.
I see possible 3 scenarios playing out in coming days and weeks.
1. Triangle forming before the final push up.
2. Price moves down to fill the gap from 20 Apr at 23076 and comes back up.
3. Goes down further to take out the SL below 22561. Parallel channel support will come into play as well in this scenario.
For big picture, see the image below.
Thank you.
From my experience, Accumulation / Distribution is carried out in usually 2 or 3 phases in different zones. Prices will swing up and down to trap traders but will quickly come back into the zone for more consolidation until the big players are done.
My view is that we are not YET ready for the resumption of main trend down.
I see possible 3 scenarios playing out in coming days and weeks.
1. Triangle forming before the final push up.
2. Price moves down to fill the gap from 20 Apr at 23076 and comes back up.
3. Goes down further to take out the SL below 22561. Parallel channel support will come into play as well in this scenario.
For big picture, see the image below.
Thank you.