Dow Jones Range Forming Between 44,000 and 45,000Outlined below, I have a range forming from the Monday Initial balance. The three price levels to watch are:
the weekly open (44,566)
50% of the range (44,393)
the bottom 25% of the range (44,154)
And of course, the high and low of this range. Where does price intend to go first?
I am looking for the weekly open to turn into resistance
I am looking for the low formed at the 50% of the range to be a target to get hit
I am looking for the bottom 25% of the range to act as a major support buy
Currently, in this exact moment, price is in the top 75% of the range and to me, this means No buys and in selling territory. Tuesday opened with a gap up and immediately sold down to the 50% of the range. It then did a creeping trend, grinding higher in a pullback back up into the top 75%. Because of the creeping trend, the low at the 50% and price being in the top 75%, I will find a shorting opportunity and target that low at 44,353