DislikedHi ksganesh100. If you don't mind me asking, how did you reach the conclusion that this would be a swing low? If anyone else wants to answer, please do. Thanks to everyone, love this thread!Ignored
Interesting Question
Of course nobody can be sure anywhere is a swing low until price moves away from it.
However we can look at the chart's historical data and find areas where price has previously shown a strong reaction at.
By strong reaction, I mean an area that price has rallied to, then moved strongly in the opposite direction.
An area that has previously shown this reactionary level, acting both as support & resistance is what a PPZ is.
Therefore, once price arrives there, we look for signs of Price Action to show us which direction price is likely to move in, once this area has been reached.
If you look at the Weekly & Daily charts, you can see that price has met both support and resistance at this area historically.
The PB is the tip off.
Hope this helps