We are t a point where this range could be defined, by a move in either direction, with the assumption this were a wyckoff accumulation schematic.
Above this zone, price action thus far accelerates to the top of the range. However, if this was the SOS portion of the schematic, you would expect a move above the range, and then a tight consolidation / back up, and an attempt to confirm old resistance as new support.
After confirming the resistance zone at the top of the range has been flipped into a new support level, that would be where the composite operator would attempt to move away from the range to distribute at higher prices.
Typically this is a fast move, creating fomo, while trapping shorts, and forcing all market participants to settle up outside of the accumulation range.
It could be a little early to be sure, typically these ranges are difficult to time, which is why they are so effective
You can see classic forms of accumulation in this range too, the V shaped movement attacking the lows, and the now the rounding price action we are seeing currently
In the case that we are too early, i would look to the lower end of the range, or a 1.13 retracement for a deeper undercut of prior PA, and a more aggressive spring event.
Above this zone, price action thus far accelerates to the top of the range. However, if this was the SOS portion of the schematic, you would expect a move above the range, and then a tight consolidation / back up, and an attempt to confirm old resistance as new support.
After confirming the resistance zone at the top of the range has been flipped into a new support level, that would be where the composite operator would attempt to move away from the range to distribute at higher prices.
Typically this is a fast move, creating fomo, while trapping shorts, and forcing all market participants to settle up outside of the accumulation range.
It could be a little early to be sure, typically these ranges are difficult to time, which is why they are so effective
You can see classic forms of accumulation in this range too, the V shaped movement attacking the lows, and the now the rounding price action we are seeing currently
In the case that we are too early, i would look to the lower end of the range, or a 1.13 retracement for a deeper undercut of prior PA, and a more aggressive spring event.