Weekly [05/27] Study

Good Morning Traders!

My previous update had framed my view of the auction. I had placed emphasis on Price trading above Value and to be cautious of potential traps being placed. Plenty of forewarning of my continued bullish bias and expected extremely sharp moves.

You can read about it below.

The recent activity has now done the same amount of exploring above balance.
This may be the Crux of the entire Auction.

Weekly [05/11] Study

Since the update, Price traded above the Auction and was met with a Rejection into New All Time Highs. This set the bait for the expected Trap as participants battle against the posted High and our Support at 7370.

Buyers will have to convincingly trade above 7500 and from there may overshoot into 7800 if headwinds remain at their sails.

In Hindsight it can be understood that the Initial rejection into 7500 may have just been a ‘Take Profit Liquidation’, but in real-time it was quite clear that my read into Support was Bullish.

Traces of Strong Passive Buying have been present into these liquidations. As Price traded into our 7370 level, I agreed with this Tape, and Pyramided even further. With this Low formed, as well as the re-initiation to Highs, the Auction is trying to undergo a change of state; From Balance to Buying.

Only if Price is able to maintain Strength above Strong Resistance I can get along with (yet another sequence of Buying High, Selling Higher-er).

With recent Daily Closes, I am considering the planned sequence to begin. However conditions aren’t quite perfect at this point in time. Hear me out…