Weekly Template Estimation November 17th Bullish Weekly CandleI am going to walk you through my thought process of what I think is the most likely weekly candle this week. I think this week's candle will be of a bullish nature. I believe Monday and Tuesday will be the low of the week, AKA the weekly wick before the expansions Wednesday, Thursday and Friday.
Last week's candle was a pause/resting pullback week after the following massive expansion candle. This week's candle has the opportunity to trap sellers down low in the false sense of a continued down trend when in fact price is just pulling back into support from the massive bull candle. Price is still in the top 1/3 of that candle.
I won't know the results of this post until Friday after everything has traded. I will be looking for buys off of support come Wednesday-Friday. I will let Monday trade while I just observe. I will not trade Monday as I don't have enough information on what the market's goals are this week. I need them to show me their hand first and then I can make more informed decisions.