After a prolonged appreciation of price, last week Monday saw a gigantic sell off with little to no manipulation, closing below may pools of intraday sellside liquidity indicating that a minor retracement in comparison to the grand scheme of the bull trend is acceptable and further downside is likely, at least down to the daily bullish order block located @ 2306 - 2300 which we saw come into fruition the day after.
The 50% equilibrium from March swing low to April 12 swing highs is 2289 and although I was expecting the daily order block to be met, I did want to see equilibrium met, giving me more confidence that any retracement that does commence will be more probable to retest all time highs, or at least the median threshold of the Friday 19th April daily candle.
Looking into this week, previous sellside that was wiped out on Monday has not been tested yet. 2354.31 is my first point of call with daily candle body closing above, giving me more confirmation of 2373 - 2378 daily bearish order block.
The 50% equilibrium from March swing low to April 12 swing highs is 2289 and although I was expecting the daily order block to be met, I did want to see equilibrium met, giving me more confidence that any retracement that does commence will be more probable to retest all time highs, or at least the median threshold of the Friday 19th April daily candle.
Looking into this week, previous sellside that was wiped out on Monday has not been tested yet. 2354.31 is my first point of call with daily candle body closing above, giving me more confirmation of 2373 - 2378 daily bearish order block.
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Last weeks price action never panned out how I wanted it to.
I will come back stronger next time!
I will come back stronger next time!
