Last session left double print tail at low and then close also considered weak with supply in control to look for more downside ..NF gone for gap down today then bounce could not sustain in value in area of last session 3-1-3 profile, which pushed it back to day low again for close.
Neutral extreme down day with 6th day of one time frame down. Another day sellers reacted on bounce to push down for close..Neutral days bring in fresh auction..Staying below 16950 for next session could look for more downside as auction was incomplete at low..If 16950 accepts then overlap session possible next.
Last two days had nice overlap balance and resolved down today..And, large gap zone + imbalance at end of July got value now..Swing wise this is weak sign.
Swing short met 16935/16865 today and 16820 missed..Negation for swing short view now can be moved from 17260 to 17050 as that goes means one time frame down on daily gets stopped. Swing wise staying below 17050 could look for probe towards 16740/16650 next. 17050 goes means large balance possible.
Charts and data :
Detailed plan with references to carry forward, actionable trade hypos for next session, any importance nuance from the day and view based on weekly and monthly time frame are available to members in private blog.Above report is only part of it.
Notes :
a) Check glossary page in website if any of the terms used in the post are not clear.
b) If images are not clear, click on them for enlarged view.
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