How can I determine the inside week values? Is it based on the high and low range of the previous week? So, if I understand correctly, acceptance back within the range of the inside week means that we do not exceed the high of the previous week, is that correct?
Thank you! Yes, I have highlighted the range of the inside week on the chart (blue box). Acceptance back within the inside week range basically means acceptance below 4470, making the weekly support area very important for buyers to hold. The most bearish scenario would involve a break and hold below the weekly support area. This would suggest that last week's breakout was primarily driven by short-covering and lacked substantial support from stronger buyers.
Thank you always.
Thanks, Smashelito for the great letter.
How can I determine the inside week values? Is it based on the high and low range of the previous week? So, if I understand correctly, acceptance back within the range of the inside week means that we do not exceed the high of the previous week, is that correct?
Thank you! Yes, I have highlighted the range of the inside week on the chart (blue box). Acceptance back within the inside week range basically means acceptance below 4470, making the weekly support area very important for buyers to hold. The most bearish scenario would involve a break and hold below the weekly support area. This would suggest that last week's breakout was primarily driven by short-covering and lacked substantial support from stronger buyers.
Thanks for the clarification
Thank you buddy. Will be ready for your analysis.
Thank you!