Currently prices are in an extended range and behavior is very similar to the May-July 2015 range and my hunch is distribution. I am only comparing the Preliminary and Secondary supply levels and lowest demand level.
This is ONLY a technical comparison for observing price behavior. I mark supply/demand levels on the following criteria:
1. I only mark closing prices 2. The inflection requires at least 2 breakout bars (breakout = 'closes' higher/lower than previous high/low. 3. If a closing price does not exceed the previous bars 'high' price, the previous bar is marked as Supply. Vice Versa for Demand. 4. I view a gap as a breakout bar.