Since last weeks FOMC meeting Risk has been on the decline very aggressively, something we have been projecting for sometime now. I strongly believe DOW has topped out and we will see new monthly lows (check out the video linked above for further reference).
In regards to this setup, although price is overextended to the downside the draw on liquidity is still to the Sell side, what we can Identify from LTF perspective is price has made a retracement move since the recent bearish impulse which broke structure. We have this beautiful 15min accumulation which has been broken to the upside removing the Sellers stops and inducing buyers, followed by a re accumulation in the form of our textbook wedge inducement pattern.
I am looking for price to sweep the Buy side above the previous day high, then I will be monitoring the OB for potential ENTRY CONFIRMATIONS.
In regards to this setup, although price is overextended to the downside the draw on liquidity is still to the Sell side, what we can Identify from LTF perspective is price has made a retracement move since the recent bearish impulse which broke structure. We have this beautiful 15min accumulation which has been broken to the upside removing the Sellers stops and inducing buyers, followed by a re accumulation in the form of our textbook wedge inducement pattern.
I am looking for price to sweep the Buy side above the previous day high, then I will be monitoring the OB for potential ENTRY CONFIRMATIONS.
