Shakeout Respecting the Demand Line of the Overall Channel
Updated
The shakeout of this re-accumulation cycle is respecting the demand line of this positive upward sloping channel, which started in December. Moreover, it is also still within resistance and support for this re-accumulation phase. Great entry point on a long as the RSI hasn't been this oversold since early December on the 4hr. And we wait for the follow through price action to the upside.
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The Wychoff shakeout usually breaks through the current channel. Aligned with past indicators of the shakeout, this one has done the same. It is too early in the macro cycle, which is bullish, to indicate a reversal in the trend. For those interested in learning about the shakeout, information can be found here: tradingwyckoff.com/en/shakeout/https://tradingwyckoff.com/en/shakeout/Related publications
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