NF had wide elongated poor value area profile in last session. Failing to sustain higher above 17250 and accepting below 17180 expectation was to clear poor value area till 17110-17080.NF gone for this earlier in IB itself and then had all session filling poor value area and later closed down with spike.
NF left selling tail at top and then closed with spike down close..Spike rules apply for next session. Spike zone 16951-17054..Stay in spike zone / below spike zone = weakness ; Accept above spike zone = strength.
3rd day of one time frame down with spike close..Seeing this as weakness..Was expecting 17000-17200-17400 range balance for few sessions..Today we had some decent demand trying to save 17050-17100 band but failed badly which resolved in spike down.
As long as this spike holds, that balance view now negates and looking for more follow through down.This spike happened after accepting in last week LVN zone and testing that week's lower distribution second time now hence weakness.As mentioned in commentary, today's move opened up probe for 16850 and below.Sell on rise till we get that.17120 negation now for this view.
Yesterday was weak buyers holding lower balance and pushing higher with mechnical supports.. And data EOD was not suggesting for rally and expected probe back to 17110-17080.. This probe done today and those buyers could not save the low.. So, till we sustain above this band, buyers under water and any bounce might face exhaustion/rejection for more liquidation.They get clean push higher once sustains this band.
Swing short context wise below 17250 probe was marked for 17150/17050/16975.All done now..As said above, now staying below 17120 swing probe is for 16850/16760/16650/16520.Clean long above 17120 for 17200/17290/17350 with 17000 negation..
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.
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