I received PM in the overnight hours. I will not name names, but there is no reason the discussion, or at least my answers, can not be made in public .
I've included a magnified far-right of the previous daily chart.
1) PP5 ... annotate a few bars previous. My analysis says T1 is immediately prior. This T1 is not FS/BOT1 as the BOT1 requirements are not met prior to this T1 being ID'd. After a T1, a T1, P2, Wait, FS, or EE (includes OB's) are possible. The PP5 OB can not be PP4 based on volume sequencing alone as a P1 is not possible. Volume is DV and for either PP4 or PP5, the top level of the OB is invalidated making the OB a nothing EE: it is not a turn, it is continuation. I do not know exactly how the OB formed, but I see it as a 3-legged bar with bullish sentiment.
2) The next volume bar is assigned P1 per the VTP rules. The price bar is XB, the high prices of the XB pair are noted. My stance on degapping bar-by-bar is well noted in threads dating back 5 or more years, plus more recent... I do not, and will not degap bar-by-bar. You however use selective degapping. How do I know? Because the PP5 OB wouldn't be an OB if degapped. PP4 or PP5 does not matter!! Jack says degapping bar-by-bar is required. I completely disagree. You must choose for yourself... It's degap all or degap none (RTH open is exception) in order to consistently make money.
3) PP3. Note that PP5 to PP3 is not recognized on the modrian table. Again a nothing EE: it is not a turn, it is continuation. Again, I also see it as a 3-legged bar with bullish sentiment. I use what I call a reverse modrian sheet which I have hanging left of my computer. I've included a pic. I refer to the actual modrian for n-1 items not listed.
4) What will happen next? First, this is a daily chart, trade is swing-style, not intraday... it takes a complete RTH session for a single bar to complete!! Leftmost is P1. I also note it is 3-legged bar with bearish sentiment, and it is a 2nd consecutive P1. After a P1, a P1, T1, Wait, FS, or EE (includes OB) are possible. If there is another P1, the stage is set for a PP1 or a NOT PP1... BTW, PP3 to PP1 is another nothing EE. I note that there is only one C-turn EE possible from a PP3. My BM/RTL is about 300-350 dow points away.
Concisely, there is nothing in the daily chart that suggests the end is here. Off of this chart, swing-trading, I continue to hold long. There is about 300-350 dow points before "change" becomes an appropriate possibility (in the context of swing trading). 300-400 dow points or so for a swing trade based on a daily chart is reasonable IMO. I'd prefer it was 1% or so... 250-300 dow points, but. And so the convo shifts towards volatility or lack of.
HTH
