Daily market summary of NF and charts, data of NF & BNF -17May'23

NF retraced almost entire trend day move of 15/05 with spike down close in last session..Considered weakness and auction was incomplete at low. Spike rules worked today with early session accepting below spike..Staying below 18310 probe was marked till 18195 and NF gone for 3IB down day till 18160 then closed below dPOC.

Long liquidation profile with good volume and 3IB down day move.

Mentioned that yday move confirmed look above and failure auction in NF structure + data wise which expected to probe back 18200 and this is done now..Good volume today but swing wise low not done as long as we do not accept above 18330, could look for 18050 and more. Either chop and balance for a session or two then could continue down or could move straight down if we start moving below today low again.

18275 good res for next session..As long as staying below this looking for chop and skew down.

Levels wise for next session, failing to stay below 18190 and moving above 18230 could test 18265-18275 then could see rejection for rotation down..If accepts there then 18310-18320/18350-18365 probe possible. Not able to stay above 18250 could drop to 18220/18190-18175 and accepting below that weak for 18150-18140/18110/18065-18040.

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 :

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