According to your chart, it stops at 4182, which is halfway between the last swing high and the last swing low.
What does this tell you?
switching gears to Price Action via SLA
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According to your chart, it stops at 4182, which is halfway between the last swing high and the last swing low.
What does this tell you?
That the last swing high of the current up move wasn't breached - nature of the trend is still up.
By "last swing high", I meant "J". Price stops halfway between "J" and "K".
What does that tell you?
The 50% level was met, but not breached. If the 50% level isn't held, the nature of the trend is still intact.
I'm not trying to be dense - if I should be seeing something else...
I believe you mean that if the 50% level IS held, then the trend is still intact.
I was late today, but wanted to do the observation that I could - starting with the overnight activity.
-EOD yesterday had set up a low and a pretty strong last swing high (A).
-For the next few hours, price stayed in a range of about 10 points (plus or minus here and there). Overall, there'd be a move down, followed by back to the middle and a move up.
-From 1930-2015, price stayed toward the lower part of the range and then it was thrust downward just shy of 20 points in 15 minutes.
-In the immediate 15 minutes, price shot right back up to the lower end of the range, but settled a bit lower.
-For the next 4 hours, price danced up and down inside a new consolidation area (small range). The top end was tested, the bottom end was tested. As time progressed, the highs were in the middle of the range and the lows were having more success outside the lower end of the range (indicating that the trend was down).
-At 0115, a more definitive down move occurred and price did not again immediately seek out the previously established range.
-At 0130, the previous low from 1400 was breached and it was exceeded at 0145 (B).
-Price immediately turned and headed north (crazy how that can happen at support!). First stop was just shy of the consolidation range established earlier. Next stop was at the top of the consolidation range. The 50% level from A down to B was breached and is also the area of the last swing high. Price didn't hold at that level though. However, the next move down did not exceed the previous low or the swing high - indicating that up was the more immediate trend.
-Buyers and sellers started seeking new value and price went up more than 20 points in 30 minutes (C ). However, there weren't enough buyers and sellers to keep price at that new level and it was just shy of the previous major swing high (A).
-Price immediately plunged back into the consolidation range. Attempts to go higher didn't pan out and eventually the supply was plentiful and price just marched back down and exceeded the low from B at 0830 (D).
-Price hung around in a range for about an hour, but though price wasn't going higher, it wasn't going lower. Just prior to the NY open, all of the lows were successively higher than the previous - suggesting that the trend may be heading up.
Price was quite active overnight. It is amazing to see the behavior that happens when support and resistance areas are approached. In many instances, price rebounds up at/near support levels and falls at/near resistance levels. There are tells and patience is still needed to look at the series of transactions to determine who has the upper hand, but it's really quite fascinating. This isn't new information, but it's sort of new to my eyes. I've read it, but it's quite different to watch it happen or look at areas and see the behaviors of buyers and sellers there.
-EOD yesterday had set up a low and a pretty strong last swing high (A).
-For the next few hours, price stayed in a range of about 10 points (plus or minus here and there). Overall, there'd be a move down, followed by back to the middle and a move up.
-From 1930-2015, price stayed toward the lower part of the range and then it was thrust downward just shy of 20 points in 15 minutes.
-In the immediate 15 minutes, price shot right back up to the lower end of the range, but settled a bit lower.
-For the next 4 hours, price danced up and down inside a new consolidation area (small range). The top end was tested, the bottom end was tested. As time progressed, the highs were in the middle of the range and the lows were having more success outside the lower end of the range (indicating that the trend was down).
-At 0115, a more definitive down move occurred and price did not again immediately seek out the previously established range.
-At 0130, the previous low from 1400 was breached and it was exceeded at 0145 (B).
-Price immediately turned and headed north (crazy how that can happen at support!). First stop was just shy of the consolidation range established earlier. Next stop was at the top of the consolidation range. The 50% level from A down to B was breached and is also the area of the last swing high. Price didn't hold at that level though. However, the next move down did not exceed the previous low or the swing high - indicating that up was the more immediate trend.
-Buyers and sellers started seeking new value and price went up more than 20 points in 30 minutes (C ). However, there weren't enough buyers and sellers to keep price at that new level and it was just shy of the previous major swing high (A).
-Price immediately plunged back into the consolidation range. Attempts to go higher didn't pan out and eventually the supply was plentiful and price just marched back down and exceeded the low from B at 0830 (D).
-Price hung around in a range for about an hour, but though price wasn't going higher, it wasn't going lower. Just prior to the NY open, all of the lows were successively higher than the previous - suggesting that the trend may be heading up.
Price was quite active overnight. It is amazing to see the behavior that happens when support and resistance areas are approached. In many instances, price rebounds up at/near support levels and falls at/near resistance levels. There are tells and patience is still needed to look at the series of transactions to determine who has the upper hand, but it's really quite fascinating. This isn't new information, but it's sort of new to my eyes. I've read it, but it's quite different to watch it happen or look at areas and see the behaviors of buyers and sellers there.