Here are the updated composite profiles.
In the chart above we have a composite profile on the left which considers the entire distribution of volume from the swing highs of 5670 NF March.
We also have green horizontal lines coming from this profile which represent the high volume points.
There are two vwap's one in Orange running from 5670 with it's standard deviations in light green.
The second vwap is in yellow and represents the seller from the session just before the budget day.
Thus the chart takes into consideration the first and the second sell offs.
The white bar running across the chart is the composite POC or the highest volume transacted for the entire selloff
It still stands at 5380.
We are seeing that the current levels in NF are at the bottom end of the two Vwap bands hence the market is not getting new sellers here as risk-reward is not very good for new shorts.
The yellow vwap does include a possibility of a move to 5150, but nothing more.
We have noted that reversion to the mean setups have worked well all through the month. They always work in balanced markets by the way.
