On the 10m to 1h timeframe we can clearly see what appears to been an accumulation range having just had our potential spring point. We would want to see us come down to a higher low, above the SC and ST with high volume on the move back up from a bounce there.
That would confirm our spring and likely lead to an SoS impulse that would absorb the remaining supply at the range resistance. After taking out those stops above UT, we would likely come down for a last point of support that would move us up into a markup impulse taking out all the remaining shorts from the larger bearish impulse.
That would confirm our spring and likely lead to an SoS impulse that would absorb the remaining supply at the range resistance. After taking out those stops above UT, we would likely come down for a last point of support that would move us up into a markup impulse taking out all the remaining shorts from the larger bearish impulse.