Introducing the wheel of the Range for the first time.
Now, follow what is happening with the NIL+ (40% to 55% extra)
The pendulum has been swinging from NIL+ to NIL+ and no one is stepping up to make a head at a 0 or a 100.
Now you printed a NIL++ (60% beyond the range), bears could take a stand at 0 (Head) and a second stab at a 20% oversold level (Lower High) to get things moving down, they have the ball. By the way, the Lower High does not have to be lower than the Head i.e. if the range does not get a new consolidation axis in the meantime.
NiL+ = full swing
-> NiL+ – one step shy (white field)
-> failure at the overbought end
-> failure at the oversold end
Min. 50% for an LS to print