Still making my way through some back reading, thought I'd give this one a crack, took me a few goes to finish but think I'm happy with it. Still wearing my L Plates
I tried to treat it as if the bars were seen individually,
First bar looks like a test, down bar, small spread, closing mid on minimal volume, followed by a very weak confirmation which actually looks like the bar we talked about recently, a small upthrust, a possible reverse test of demand, which showed even lower volume, interestingly this gets the stronger confirmation and price collapses.
TR1 - after a collapse in price some support kicked in here, albeit on average volume, price appears to be unstable and being "held up". Moves up do not appear to be supported with higher volume or follow through buying, and price refuses to hold above recent breakdown or meet potential resistance just above, this could all be viewed as further distribution before a complete reversal taking away any gains over last 20 bars.
TR2 - from this breakdown price moves into a sideways range just below previous trading, looking much more stable and controlled in a tighter range. Following an upthrust here was no breakdown and a test responded positively still suggesting support however a further upthrust sent price into a further breakdown.
TR3 - when price brokedown into this range strong support kicked in with what appears to be absorption however spread on the up bar remained small in comparison to the high volume, from here price fell further possibly looking to mop up any loose shares from weak holders. The bottom reversal here looks like the weekly overview may show a 2 bar reversal or shakeout, appears to be the first sign of strength. After a touch on DT line this is followed closely by a shakeout (not marked) which draws out some above av. volume and briefly pushes above the trend line before falling back under and forming a Spring which removes it from under this TL for good. The following spring brings some bullish volume and after a test of this price, a perfect buy setup, rockets away through multiple resistance lines before stopping at the bottom of TR1. A break above this line would be a further buy position.
TR4 - After price rockets to the top of the chart seen, supply appears in the shape of upthrusts and failure to hold above resistance, this is followed by a shakeout and moves higher with a further upthrust. This further show of supply at lower high may lead to a test of the lower support line at 6.25 or further sideways action.
Cheers Jako and thanks for the time you give to help others understand, it's very much appreciated
Go the Bulldogs
