Disliked{quote} You might be right in your estimations. However I suppose the next week is about to be bearish. My arguments based on PA and VSA are as follows: 1/ The high of the last week bar is not higher than the previous week high. Weakness. 2/ The open price of the last week is equal to the close price of the previous week bar (even if there was a gap on the last monday). Weakness. 3/ Spread of the last week bar is the very small. The last bar is the inside bar. Weakness. 4/ On the daily chart we can see that the friday bar is closed in the middle...Ignored
**Could just be consolidation after a strong week.
2/ The open price of the last week is equal to the close price of the previous week bar (even if there was a gap on the last monday). Weakness.
**Not sure why this is weakness.
3/ Spread of the last week bar is the very small. The last bar is the inside bar. Weakness.
**Inside bars closing near the top after a strong bullish bar are usually consolidation before moving higher (trend continuation). Look at the chart for previous examples. Also, the tail is on the bottom so buyers stepped in at lower prices.
4/ On the daily chart we can see that the friday bar is closed in the middle area, presenting the test of the 3550 price level. Weakness.
**Daily looks like a bull flag after a strong day last week. Fridays often see profit-taking after a strong week.
5/ The volume of the last week is less than the volumes of the previous two weeks. Weakness.
**Volume was higher at lower prices as "smart money" buys at lower prices so they slowed the buying (less volume) now that prices are higher.
Based on these estimations I might suggest that the upcoming week will be bearish. There is supposed to be a retrace to the 3310-3340 price area as a minimum.
Who knows?
**Not me :-)
One more comment, the monthly chart will close Monday & will be a bullish engulfing & close near the top.
I'm not making a forcast here, just showing that bullish & bearish comments can be made looking at the same charts. That's why PA trading can be difficult.