Composite Market profile (or overlay demand curve) showing the down auction that began from the swing high on Dec 26th, together with yesterday's action.
The pauses as price builds value after each breakout / sell-off creates small nodes.
According to Donald Jones the end of a trend (and the beginning of the bracketing process) is often signalled by price regression from the latest node into the prior one – indicating that price has overshot and is coming back to value.
(Less often price will price will be at value when the trend dies and the last node becomes the source of a new bracket / trading range)
The bracket limits above and below Nodes 2 and 3 are 1436.25 and 1393.
SRS
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