ETP Accumulation Lower Range
This chart has a lot going on, hard to keep this short but seems to me its in clear accumulation. Wyckoff phases seem to fit nicely but regardless its in a range with decent volume after with some clearly defined levels.
The range is nice and wide too, a re-test of the top side is 40% away. So I'm hoping we get stuck in this range for at least a month.
Preliminary support which is the retest of 27th July untested low, records highest volume since defending of significant support line established pre 2018 bull run.
You can see the importance of this level (56cents odd, thick yellow line) with the volume of the final defense marked at X, before price lost 72% off the 90cents mark.
(Marked with 9). Price then continued to decline 40% into what looks to be seller climax.
Volume then picking up with the break of 31 cent, wick rejecting, followed by a no volume doji confirming climax and triggering automatic rally with increasing volume.
Price cant hold 49 even with the good volume on the 9th November. Although the selling climax is technically the low of 24/25 I pay a lot of attention to the candle a week previous I've marked with D. (for doji)
You can see the push of the bulls there putting in a floor of 33 cents odd before tumbling onto the 23rd Oct and reversing. Its significance is then confirmed by the secondary test one month later but
disappointingly this rally doesn't get to 49, I would really of liked to see that get to re-test the top of AR. It looks like nobody really sold the rally, look at the volume where I marked S. But
buyers decided to take the chance to buy lower.
The Secondary test to the Sr/Spring marked a bullish divergence on the RSI so a pop was fairly inevitable. I am edging towards spring being in the
blue with one more run on the lows/tight stops.
How the last phases play out exactly is impossible to say but how price reacts between 32 cents and 27 cents should confirm if this is the bottom
especially if we get a further test of what for now looks to be seller climax. Most important levels of the range are the green lines of 31 and 51, then going to need a real push to break up 55.
For now playing the range, adding size on any possible signs of strength top of the range, and accumulating the low end.
The range is nice and wide too, a re-test of the top side is 40% away. So I'm hoping we get stuck in this range for at least a month.
Preliminary support which is the retest of 27th July untested low, records highest volume since defending of significant support line established pre 2018 bull run.
You can see the importance of this level (56cents odd, thick yellow line) with the volume of the final defense marked at X, before price lost 72% off the 90cents mark.
(Marked with 9). Price then continued to decline 40% into what looks to be seller climax.
Volume then picking up with the break of 31 cent, wick rejecting, followed by a no volume doji confirming climax and triggering automatic rally with increasing volume.
Price cant hold 49 even with the good volume on the 9th November. Although the selling climax is technically the low of 24/25 I pay a lot of attention to the candle a week previous I've marked with D. (for doji)
You can see the push of the bulls there putting in a floor of 33 cents odd before tumbling onto the 23rd Oct and reversing. Its significance is then confirmed by the secondary test one month later but
disappointingly this rally doesn't get to 49, I would really of liked to see that get to re-test the top of AR. It looks like nobody really sold the rally, look at the volume where I marked S. But
buyers decided to take the chance to buy lower.
The Secondary test to the Sr/Spring marked a bullish divergence on the RSI so a pop was fairly inevitable. I am edging towards spring being in the
blue with one more run on the lows/tight stops.
How the last phases play out exactly is impossible to say but how price reacts between 32 cents and 27 cents should confirm if this is the bottom
especially if we get a further test of what for now looks to be seller climax. Most important levels of the range are the green lines of 31 and 51, then going to need a real push to break up 55.
For now playing the range, adding size on any possible signs of strength top of the range, and accumulating the low end.
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