Journal Entry: I think the volume
price analysis is unbalanced over the past few trading sessions. At first I was uncertain what this may be indicating but after I looked into this further I believe it is clear that the insiders are keeping the market propped up at this value and have the intentions to take the market higher. I have left various labels on the chart, the most relative is the last trading session which ended as a long legged Doji
on extremely high volume
. This could possibly be stopping volume
to the bearish
wave or it could be the insiders exiting their position at the top. I have found that it is an indication of stopping volume
and the market will only be pausing for a brief moment before continuing higher. I projected the Fibonacci retracement
tool to a future bullish
target zone for price, although I think Monday there may be a chance of another small move to the downside before reversing. Thank You, God Bless.
ATR is at a high value which suggests that price will not pivot
and most likely consolidate sideways or in a slow downward or upward direction.
20+50 are now both sloping upwards indicating the trend to have taken shape from a short period of consolidation where price was trading in/through the averages.