Wyckoff Accumulation Patterns - Copper Long
Recognized accumulation pattern
A - decreasing volume on lows
B - decreasing volume on lows
The lows in pattern B did not break the lows from A. This indicates that the market is strong and well controlled by large operators. In the lows of pattern B, the last one on the lowest volume [7] forms a very large, bullish engulfing candle.
C - the largest buying wave not only in the entire accumulation pattern but also the largest since the beginning of the decline - showing strength, breaking out of the range on very high volume.
The recent 4h candles on the chart are testing the breakout.
It seems that the pattern is set up for an upward move.
I'm providing two targets...
Indicators used: Wyckoff Wave Chart
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A - decreasing volume on lows
B - decreasing volume on lows
The lows in pattern B did not break the lows from A. This indicates that the market is strong and well controlled by large operators. In the lows of pattern B, the last one on the lowest volume [7] forms a very large, bullish engulfing candle.
C - the largest buying wave not only in the entire accumulation pattern but also the largest since the beginning of the decline - showing strength, breaking out of the range on very high volume.
The recent 4h candles on the chart are testing the breakout.
It seems that the pattern is set up for an upward move.
I'm providing two targets...
Indicators used: Wyckoff Wave Chart
What do you think about this chart?
Follow us for updates!
VolumeDayTrader
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