This is a classic example of the principle of "Price TA"... and that is... "everything everybody knows, hopes, speculates, fears, anticipates, etc... is reflected in the PRICE. The second arrow at 20400... (1) Today is VIX expiration (many VIX expirations have been down days)... (2) overnight, Ukraine launched "US made missiles" on Russian targets. Putin has said that any such launch of American made missiles would be open to a "nuclear response". Scary potential, right?? Well... the market assessed all of this and apparently said, "screw all that... BTFD!"*... having determined that the potential threat at least at this time is not genuine... and it bought "matched low support" from a few days back in spite of Putin's threats. Important concept... There was a fundamental threat... THE "MARKET" CONSIDERED IT ALL AND BOUGHT ANYWAY.. AT CHART SUPPORT! Price TA... trade what you see.. trade what you know (in case you haven't yet connected the dots.. what you KNOW is in the charts)... trade with your eyes! "Buy Support, Sell Resistance". "Follow through"? Dunno... have to play it by ear. *Was that fundamentally correct? Wishful thinking? Gut instinct?. Exactly why? Who's behind it? I dunno. All we know is "WHAT THEY DID" and "WHERE THEY DID IT"... and that's what Price TA has to go on.
For goodness sake, dump all your support resistance stories in your trading journal. Don't create a new thread everytime you dream about S R thing. It is always the same old boring SR story
Looking like a bear flag, but you never know. Violent overlapping waves are sometimes clues that the main trend is still in force, and for now it's down........