haven't traded this week, traveling for work again and just no time...here's my current thought marked on the chart. I see 2 options now, however both IMO revolve around the anomaly on the weekly chart on the left (around 4250).
1. down to repair anomaly and then back up for another run at WIBH. Note that wide weekly IB will take greater momentum and volume to break it.
2. down to anomaly and sellers are found to cary momentum down to WIBL and break.
also note how the the weekly IB is limited by last week's VAL and POC...which ever side breaks is the way to go for a longer run IMO.
A 4hr chart with volume also shows decreasing volume on the entire retrace back up to 4400 from the last swing low of 4070 so my current thinking is EU continues down, but let's take it one step at a time...
1. down to repair anomaly and then back up for another run at WIBH. Note that wide weekly IB will take greater momentum and volume to break it.
2. down to anomaly and sellers are found to cary momentum down to WIBL and break.
also note how the the weekly IB is limited by last week's VAL and POC...which ever side breaks is the way to go for a longer run IMO.
A 4hr chart with volume also shows decreasing volume on the entire retrace back up to 4400 from the last swing low of 4070 so my current thinking is EU continues down, but let's take it one step at a time...
Change is the only constant