Telecom ETF approaching Supply Zone

29 בנוב׳ 2017

This decision began with a look at the broader market on the Daily time frame. SPX was clearly up (retail levels) so I knew to begin looking for a selling opportunity. I then browsed through the sectors, noting that Telecoms were the largest % gainers (in line with the SPX direction). I looked up and left to find where price began it's last powerful descent, then honed in on the 1hr time frame to map my distal and proximal lines for two separate Supply Zones.