This final low confirmed my suspicions that this was an accumulation phase by large hedge funds. In my chart you will notice an area marked "springboard". Springs are nothing but shakeouts that happens within the Accumulation phase. The prices will fall below the Preliminary Support of the trading range only to reverse back above the trading range within a short time period. (Often referred as False Breakout) I have also marked a top trend line that if broken will confirm that this was in fact large institutional accumulation.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.