Here's a chart of the Volume distribution, highlighting levels of previous VPOC's, giving us a congestion band to work through. The idea being, if the market were very weak perhaps we would have consolidated here before continuing lower. The fact that buyers stepped in gives potential for further upside testing.
Here's where that band lies on a daily chart
On an intraday basis, this band coincided with the previous day's low (PDL). Once testing this band price found resistance at the day's Open price, put in a higher low (W-bottom), and extended back to the day's highs.The Fib. lines are drawn off of the seed wave to give potential targets.
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