"P stands for peak, T stands for through and WYSIWYG". Wow!!! Really!?
Each bar (price and volume) has a name. WYSIWYG is only partially true.
What we see is not only peaks and throughs. Bar 1 was an OB (in price). I assigned it a P1/T1 (in volume) but taking the previous bars into account I could have assigned it something else. Anybody who doesn't know how to analyze what happened before has to start somewhere. Starting with a P1 is not a bad choice.
An OB with P1/T1 tells us we have a EE and I "think" we can consider this a BM, BO/T1 situation which means we are in the "Failsafe" part of the Modrian table. Which of the four? What kind of turn do we have? Maybe somebody more experienced than me, like baro-san, can tell us?
Now bar2. It is a XB in Price. It is a through in volume. Here I see three possibilities of what could be assigned to this bar:
1. We assume it is a "Repeat" of T1 and we assign a T1.
2. We assume it is a "Next" and we assign P2
3. We have a EE and restart with a P1
Based on the correct answer the assignments for the following bars which I made need to be changed.
Is there a fourth alternative? Why would you choose one of the three possibilities listed above and exclude the others?