NF had a large gap and narrow range balanced profile on settlement day..Expectation was imbalance next. 17710-17725 considered as res zone and failing to scale higher probe was to drift down to fill gap. NF at open got drive down in gap zone but could not sustain the drive and failed the same..Then cleared res zone 17725 to push higher above PDH then closed at dPOC.
NF delivered imbalance session via outside day.
Gap zone rejected with sharp buying tail and gap still remains unfilled between 17620-17585.This tail zone of outside day now swing support.
Another 2days composite and 3-1-3 structure for this 2days composite. Sustain value area = trend ; Failure to sustain and back in value = probe entire value area. With dPOC skew at close on this composite with advantage buyers, need drive or gap to push away from 2days composite..Failure to scale or sustain higher and back in value means another overlap.
Swing view after meeting first obj 17700 still holding up. Negation now moves to 17640 to look for remainig obj 17900 and once moves to 17800 negation could be moved to 17710.
Larger picture :
Weekly :
After pausing with narrow range higher volume 6th week of one time frame up last week, NF now gone for double distribution week with 7th week of one time frame up. Above 17500 probe was marked for 17700/17900 and first one done now. Week has closed with dPOC skew with advantage buyers. To start the week 17630 support and they should get early follow through higher with such dPOC skew close. Once got higher follow through above last week range, 17700 becomes support..Upside could look for probe towards 17900/18000 extreme case 18100 and not expecting anything beyond that as of now..
Failing to sustain higher above 17900 could drop to 17740-17700 and that should hold and allow balance..If accepts below 17700 then could drop to 17580-17550 which is quite solid support to rotate higher. Below 17550 could get 17430-17400.
Monthly :
August after accepting spike zone of July close, gone for higher balance month and then now getting another extension via gap.Attempting for second distribution on monthly now..17550 solid support now to start second half of month and holding this could stretch towards 17900-18000 then rotate down for filling second distribution. If second distrbution not holding 17550 and accepts below means then could travel down towards 17400/17250/17050 in a swift way.
Charts :
Daily
Weekly
Monthly
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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