Hi @Beany72 , I've been looking at that Shakeout bar on RXP on my daily structural thinking it looked like some potential strength in the downward move so I opened up the hourly and tried mapping it to find some more detail.
It's still incomplete but appears to potentially be in PH. C - Test either way, either that recent low was a Last Point of Support before a SOS so far stopping at the creek, and next move is to jump, maybe after a small run up, (the only problem I have with this is the lack of a test of the Selling Climax after lower lows, which could be a SOS in itself?) or conversely that this is continuing weakness on the daily or redistribution in this lower timeframe and that last HV bar is an Up Thrust After Distribution to be followed swiftly downward. The only other potentially weak thing I noticed was the 2 white boxes I've marked appear to be a similar pattern, 2 lower lows followed by an Up Thrust and a following mark down, IF this pattern follows through it would mean another lower low?
Why is it on some of these stocks when everything appears fundamentally aligned to a bullish move they do the opposite? Someone playing a longer game maybe? That's precisely why I'm trying to focus on what the price says, sick of getting steam rolled, lol.
Please feel free to point out anything else obvious that I may have missed, still building the knowledge bank.
Cheers mate
