Volume Profile: POC magnetic

As you can see, I left the dwbValueArea study running with Wednesday's inputs: their influence on today's trading was just as visible as the current value set. Overnight price began a long climb toward the POC where it was, in the end, subjected to a nasty fall, after displaying a triple top formation. This took price down to interact with the current Value Profile (more on that in next post). The bulls reasserted themselves and repeatedly attempted to cross VAL. This created an ascending triangle formation leading up to the NY opening bell. The formation broke to the downside, created a bear trap, and proceeded to rally beyond the top of the 90 degree top of the fully formed ascended triangle. There was profit taking here, or just longs looking to get flat, and a reversal took price back down to a lower immediate low. The entire development unfolding up to this point could be deemed a broadening bottom as a technician. A major support line came into play at this point (the current Value Sets' POC, again more on this next post), that propelled price higher for the remainder of the day. On its' way up, it encountered no resistance at its' former adversary, the VAL; Instead, once clearing it, it used it as a stepping stone to gather strength for its next climb to VAH. On this move the POC offered not a shred of resistance as price rocketed through VAH. The action here was corralled and a rising wedge/ending diagonal formed. This pattern eventually resolved to the downside, with a temporary stop at POC, and then a further break a few ticks lower. This extension lower was quickly bought up and this action brought price back above the POC. Buyers and sellers played the proverbial 'tug of war' with prices, in effect oscillating the Futures contract back and forth between VAH and POC. Just prior to the close there was a slight breach to the upside, but sellers were able to quickly tame it and bring it back inside, where it ultimately closed on the Pivot Point, which also coincided with the POC of the five day Monkey Bars Volume Profile. In the end, the larger the time frame of Volume Profile used for analysis, the more affect, almost magnetic, the Point of Control (POC) will exhibit.