We have now officially broken down out of the multi year rising wedge after getting almost to the exact apex of the drawing.
The measured and or implied move for this rising wedge is roughly -1202.89 points or 26.64%.
When we toss up a fixed range volume profile from our blow off top in 2018 to current price action it's apparent that we've just had one massive, massive Fed fueled momentum overshoot.
What I've done is marked off the levels of highest participation in volume, or, most likely areas of support based off of volume profile.
Those levels are roughly:
These levels pale in comparison to the volume or participation in the value area.
The Volume Profile Value Area is not until 3372. Yes, 3372. Meaning a trade down into the value area would net us somewhere around -1125 points... Roughly coinciding with our measured move.
A trade down into the Volume Profile Point of Control would be roughly -1775 points or -40%...
Your ball Jpow.
The measured and or implied move for this rising wedge is roughly -1202.89 points or 26.64%.
When we toss up a fixed range volume profile from our blow off top in 2018 to current price action it's apparent that we've just had one massive, massive Fed fueled momentum overshoot.
What I've done is marked off the levels of highest participation in volume, or, most likely areas of support based off of volume profile.
Those levels are roughly:
- 4185
- 3913
- 3692
- 3372 (Top of value area)
These levels pale in comparison to the volume or participation in the value area.
The Volume Profile Value Area is not until 3372. Yes, 3372. Meaning a trade down into the value area would net us somewhere around -1125 points... Roughly coinciding with our measured move.
A trade down into the Volume Profile Point of Control would be roughly -1775 points or -40%...
Your ball Jpow.
