To me the very immediate price action demonstrated on M1, M5 and M15 could have a couple of possible outcomes.
After this humongous drop smart money are very less likely to continue shorting and could be slowly absorbing the incoming remaining supply. Evident by the rangy, erratic price action seen like every effort to rise is met with equally forceful decline. If smart money are absorbing the supply they do that methodically until they drain the floating resistance. You can even see new lows made but nothing dramatically.
Another scenario is that current volume is low relative to predeceasing volume due to lower liquidity levels and the ABSENCE of smart money as they are not interested in lower prices NOR are they interested in higher prices, which means cable is destined for further decline. They will most likely hide their shorts into some rally later in Asia on a marked up move and suck in retail guys who think that was just a retracement and later slam it to the ground. If no big interests are currently present then this is all a muppets game right now that is not worth our time and capital risk because of whipsaws.
After this humongous drop smart money are very less likely to continue shorting and could be slowly absorbing the incoming remaining supply. Evident by the rangy, erratic price action seen like every effort to rise is met with equally forceful decline. If smart money are absorbing the supply they do that methodically until they drain the floating resistance. You can even see new lows made but nothing dramatically.
Another scenario is that current volume is low relative to predeceasing volume due to lower liquidity levels and the ABSENCE of smart money as they are not interested in lower prices NOR are they interested in higher prices, which means cable is destined for further decline. They will most likely hide their shorts into some rally later in Asia on a marked up move and suck in retail guys who think that was just a retracement and later slam it to the ground. If no big interests are currently present then this is all a muppets game right now that is not worth our time and capital risk because of whipsaws.
Thank you Malcolm, Belekas, Jim, raczekfx and Ryanmcd !