The reaction off of the 8.27 Low of Day (LOD) went up to 8.43, the monthly S3 pivot. There was heavier vo\lume and a short price range indicating absorption. Doesn't mean there were sellers in the normal sense absorbing the buying. Ratheer, it could be that a big operator wants to get positioned long and isn't ready yet, so he defended 8.43. Then note the 25k trade.
The opening topic remarks were based on a 5-min chart observation, by the way.
The AB=CD off of the 8.27 low gives a 100% D-point of 8.51 and a 127.2% D-point of 8.55. On a 5-min chart the B point, 8.43, was broken with 14k vs 10k shares. So we should get at least an AB=CD, $8.51. But of course we have supply (flack, congestion) in the background and the daily S1 pivot at 8.49.
On the 30-min chart, the 7th 30-min period was a selling bar. It had a high of 8.50 and a low of 8.33 with 33k shares traded. So, that is what we're going up against.With about 6 mininutes to go, we have 30k. I think we can take out the selling bar.