Although I don't believe the bottom is in, I really figured we would fill in that gap around five thousand where the volume profile suggests we still need to find price discovery. It wouldn't surprise me to see a higher high before we find the bottom at where we see the .87 meets the bottom of the macro channel. Then again, it doesn't surprise me either if we just rejected off the .786.
That being said, I believe we are trying to find the bottom of 2 on a super cycle scale. Maybe the 5k range is where we should chop to have a flush break of the sign of strength past 6k. Perhaps we will fill that gap in the volume profile then.
Im looking for a clear accumulation now, a solid squeeze on the weekly, and a clear divergence to the upside once we actually put our bottom in from capitulation.
Thoughts??
That being said, I believe we are trying to find the bottom of 2 on a super cycle scale. Maybe the 5k range is where we should chop to have a flush break of the sign of strength past 6k. Perhaps we will fill that gap in the volume profile then.
Im looking for a clear accumulation now, a solid squeeze on the weekly, and a clear divergence to the upside once we actually put our bottom in from capitulation.
Thoughts??
Zoomed in