Follow up post.
Focus on the grey area. The bar with the two pronged arrow is the bar where we did see some Professional demand enter the market. I said the bar looked like a possible shake out. It was not. Two bars later, we get a narrow ranged bar that close higher than the previous bar, closes in the middle of its range, and has volume less than the previous two bars.
This is a classic VSA No Demand bar. The Smart Money was not interested in higher prices at this time. The move down continued.
We just had a narrow range bar that closed in the upper portion of its range on ultra High volume. This is a squat or volume churn bar. Moreover, it appears to be Stopping Volume. Again we see divergence between bearish order flow and price. We are close to the green line (S1).