On the 1H timeframe, we just put in a SFP(swing failure pattern), of the 1H high. That makes the 1H low technically weak, which means price should be working its way back down toward that low. The problem is, we have been stuck in this Current Range since Friday.
So far, we have 2 taps at the high of the range and 1 tap at the low. There is the possibility that we put in a 3rd tap and made a Wyckoff Model 2 Distribution already. Visually, it looks like a head and shoulders pattern. But the way this is playing out feels slow. Too slow.
Because of that, I am leaning more toward a Wyckoff Model 1 Distribution possibly playing out, where we sweep the highs one more time and then drop. That idea also lines up with what I would personally like to see, which is a push into the 4H Supply Range followed by a backtest of the Macro Range Low.
But maybe this is not that deep.
Maybe this is just the Bears slow grinding price back down to the range low. Or maybe the Bulls are letting the Bears push it down a bit so they can catch a bounce off the 1H Internal Demand Range or the 15m Order Block and then push price up into the 4H Supply Range, maybe even a little higher.
Honestly, that would not be a bad idea either, especially since the back end of that 1H Internal Demand Range lines up perfectly with the 618 Golden Pocket.
Who knows.
All I know for sure is that price action in the Jungle is real crappy right now, and New York better come with it.
So far, we have 2 taps at the high of the range and 1 tap at the low. There is the possibility that we put in a 3rd tap and made a Wyckoff Model 2 Distribution already. Visually, it looks like a head and shoulders pattern. But the way this is playing out feels slow. Too slow.
Because of that, I am leaning more toward a Wyckoff Model 1 Distribution possibly playing out, where we sweep the highs one more time and then drop. That idea also lines up with what I would personally like to see, which is a push into the 4H Supply Range followed by a backtest of the Macro Range Low.
But maybe this is not that deep.
Maybe this is just the Bears slow grinding price back down to the range low. Or maybe the Bulls are letting the Bears push it down a bit so they can catch a bounce off the 1H Internal Demand Range or the 15m Order Block and then push price up into the 4H Supply Range, maybe even a little higher.
Honestly, that would not be a bad idea either, especially since the back end of that 1H Internal Demand Range lines up perfectly with the 618 Golden Pocket.
Who knows.
All I know for sure is that price action in the Jungle is real crappy right now, and New York better come with it.
Red Elephant
Need More TA? The Elephant Jungle: redelephant818.substack.com/?utm_campaign=profile_chips
Trade On KCEX Lowest Fees: kcex.com/register?inviteCode=TV04VP
Follow On X (Twitter): x.com/RedElephant818
Need More TA? The Elephant Jungle: redelephant818.substack.com/?utm_campaign=profile_chips
Trade On KCEX Lowest Fees: kcex.com/register?inviteCode=TV04VP
Follow On X (Twitter): x.com/RedElephant818
คำจำกัดสิทธิ์ความรับผิดชอบ
ข้อมูลและบทความไม่ได้มีวัตถุประสงค์เพื่อก่อให้เกิดกิจกรรมทางการเงิน, การลงทุน, การซื้อขาย, ข้อเสนอแนะ หรือคำแนะนำประเภทอื่น ๆ ที่ให้หรือรับรองโดย TradingView อ่านเพิ่มเติมใน ข้อกำหนดการใช้งาน
Red Elephant
Need More TA? The Elephant Jungle: redelephant818.substack.com/?utm_campaign=profile_chips
Trade On KCEX Lowest Fees: kcex.com/register?inviteCode=TV04VP
Follow On X (Twitter): x.com/RedElephant818
Need More TA? The Elephant Jungle: redelephant818.substack.com/?utm_campaign=profile_chips
Trade On KCEX Lowest Fees: kcex.com/register?inviteCode=TV04VP
Follow On X (Twitter): x.com/RedElephant818
คำจำกัดสิทธิ์ความรับผิดชอบ
ข้อมูลและบทความไม่ได้มีวัตถุประสงค์เพื่อก่อให้เกิดกิจกรรมทางการเงิน, การลงทุน, การซื้อขาย, ข้อเสนอแนะ หรือคำแนะนำประเภทอื่น ๆ ที่ให้หรือรับรองโดย TradingView อ่านเพิ่มเติมใน ข้อกำหนดการใช้งาน