Volume profile analysis on daily timeframe ALL facts we can see in the volume profile for those who can analyse.
More detailed reasoning for MASSIVE rebalancing to downside.
In the context of current 'upswing correction'; on 10.11.22 it's a classic ABCD corrective move NOT long term bull trend change (current recent POC has failed on 24.11.22 and Value Entry Low is the target of 118.62 to breach and hold red line) on daily and noting it may not break easily and may sideways move for days.
There are reasons to short SWING:
1. Fundamentals Context is they are lacking a bullish case, which is why Nas has tanked significantly already. On HIGHER timeframe weekly and monthly it is still macro bearish.
The Market left the new bottom very abruptly on a 'good news' report only to leave helpful clues. The US is simply 'papering over' what it's always been best at doing for 40 years! There is data showing a slowing US economy and other counties have started already it's like taking medicine all the time and not letting your body fight for itself to get better, at some point in time reality will apply.. I leave you to research other cross correlated markets to see eg. transport and shipping index, VIX, Dollar) .
2.in the so very aggressive buys, I see 3 naked POC's to downs side that normally get filled (market always moves in balance) it's always about balance, it's nature and part of life.
3. In fixed period volume profile in the relevant period we observe a GAP in the volume profile, which CAN mean BIG market participants are left behind, I present to you the IMBALANCE.
The blue print left behind with the gap cannot be altered or denied for all to see its not a secret at all to the contrary it should be publicly viewable... institutions look at volume profiles not candlesticks. FACT: there is liquidity still there waiting to be collected!
4. The way the gap occurred shows there was a distribution node marked with yellow semi circle. A deliberate liquidity grab to downside (manipulated) below a very important node, noting the highest levels of activity in the whole profile at the LOW price which it failed to reach leaving that massive liquidity the orders or stop losses must have been very large in order for that shift to happen some institution lost a lot of money on that
5. In the week prior ,volume profile on 3.11.22 the low is observable in the volume in profile reverse C shape endorsed low interest in price
both sides. This aligns very interestingly with identifiable gap mentioned on 10.11.22.
6. We are in the formation of the 3rd wave DOWN in an overall historically low market and we are nowhere near real fair value #moneyprinting#IagreewirhHarryDent
Conclusions Clearly market has not spent time at those gaps and it will return there one day;
Without proper higher highs with evidence of clear bullish structures on Monthly and Weekly cannot swing long.
The push up was part of W Pattern that got way overextended on news (nonsense) now getting ready to print M pattern to correct back to the neck of the W which lines up with volume profile!
The neck line is in the 50-68% fib = nPOC 1 @ 11720 area.
Our job is not to guess WHEN it will return/drop the market does what it wants when it wants playing out it's own tune BUT it is our job to be AWARE of it knowing upside potential is higher risk for a medium term swing trade entry. Patience will be key. I am Massively Bearish it pains me and waiting is KEY.
At some point in time my guess is up to today or next week.
Please so tell me what you think any volume profile analysts?
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