Setup 1HR chart
Indicators: Weis Pip Wave, Weis Wave with Alert (+Speed Index) and No Demand No Supply ( https://www.mql5.com/en/users/takisd/seller)
Is this high volume down wave the 1st push that will change the trend or is it continuation?
Let's Read the chart:
1. We are at Fib Area coming from Daily - therefore resistance in the uptrend is expected
2. High Speed Index of 63.7 - High Down volume wave with high speed index
3. and 4. are high volumes at the bottom which means buying.
Not sure yet of what is going to happen (more likely to be continuation of the uptrend), therefore we will wait for more waves to form or a break of a significant level properly.
Friday 13/9/2019 14:46
Finally after 2 days it played out as noted previously "(more likely to be continuation of the uptrend)".
These are the reason why:
Most of the High Speed Index numbers are at the down waves which means hard time for the price to move down (buying on the way down)
5. We have hit the 61 Fib with a fast move of 13.3 Speed Index during news and then an immediate bullish reaction.
6. On the way down again High Speed Index of 46.8 (more buying)
The move was 140 pips from the 46.8 Speed Index or 80 from the break of Resistance - depending where you have entered.
Now some resistance expected since we have just hit the 61 Fib from Daily plus it's Friday (closing positions)