Classic Price TA "Support"

Market PLUNGED off its swing high like the bottom was falling out.

Yet the decline stopped and reversed at "prior congestion low".

That's an example of "Price TA support".

This kind of setup occurs regularly.

FWIW...

 

It's not PA related but I am impressed how standard pivots actually seem to "work"

 

I don't know the definition of a "standard pivot". How is it derived?

 

Great question
That's the indicator in question:
https://www.tradingview.com/support/solutions/43000521824-pivot-points-standard/

PP = (HIGHprev + LOWprev + CLOSEprev) / 3
R1 = PP * 2 - LOWprev
S1 = PP * 2 - HIGHprev
R2 = PP + (HIGHprev - LOWprev)
S2 = PP - (HIGHprev - LOWprev)
R3 = PP * 2 + (HIGHprev - 2 * LOWprev)
S3 = PP * 2 - (2 * HIGHprev - LOWprev)
R4 = PP * 3 + (HIGHprev - 3 * LOWprev)
S4 = PP * 3 - (3 * HIGHprev - LOWprev)
R5 = PP * 4 + (HIGHprev - 4 * LOWprev)
S5 = PP * 4 - (4 * HIGHprev - LOWprev)

Could be used as a rough estimate to avoid doing business in the middle of nowhere.
Unless someone has a better method for that which is totally fine.
Like using classic TA levels such as shown by you.

 

Like anything they "work" some of the time.

 

have u ever looked at jackson lines?