ULTRATECH A SLIGHT CORRECTION N 3:1;
Source of the Downtrend is the Monthly Supply
Destination is a Fresh Demand that has formed in multiple timeframes.
Also we see that the candles in the chart have gone away from the Moving Average and whenever Price goes away and reacts to a Supply it then retraces till the latest Demand.
Here we have separated the Demand and Supply Equilibrium into 5 major parts:
1. VH : Very high on the curve.
2. H : High on the curve.
3. M : Middle on the curve.
4. L : Low on the curve.
5. VL : Very Low on the Curve.
Now as Trader our Job is to Buy Low & Sell High;
So let's check for a confirmation in the lower timeframes.
Price went Up Respecting Daily Demands until it reached Monthly Supply;
After reacting to the Monthly Source Supply Price has violated a Daily Demand;
As we have a Daily Demand violated we see a downward momentum has just started; So until Fresh Demand which is @ Rs. 10526.00
