Price was out of the value area, and It has given 78.6% retracement of the previous move.
To maintain equilibrium, However, price should enter into the value area.
The lower band indicates a crucial demand zone. But if the price fails to break the lower band, supply will exceed the demand.
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Price has entered into the value area, and price surged to the control line, which is the controller of any particular trend move.
I have mentioned it in bold words,” At this juncture, the price has entered the value area. The lower band indicates the demand pressure. The price will surge towards 17369- 17487-17612.
28th January 2022:
12:15 PM – Price entered into the value area. The first target of 17369 has reached, and the price has made a high of 17373.
1st February 2022:
9:15 AM – Price has reached the second target of 17487.
12:00 PM – Price reached the final target of 17612.