Xlmusd possibly has begun Wyckoff Distribution. To confirm, price must close below bottom orange horizontal line.
Distribution can play out many ways. This chart depicts one such way by assuming an ABC type correction in descending parallel channel with indicated target price.
Distribution can play out many ways. This chart depicts one such way by assuming an ABC type correction in descending parallel channel with indicated target price.
Note
Apologies to anyone that finds the language offensive. My intent with this and similar titles is to distinguish ideas that present exemplar Wyckoff patterns.Note
Meant to point out that a Cup N Handle would be formed if this pattern completes as charted.Note
Another pattern, falling wedge, to track. Could break above or first dip below to touch .618 before it rises.Note
Falling wedge continues to play out. Horizontal lines and fib based on Daily close values but the line chart and falling wedge are based on 4 hr time frame.Note
Note
As described in update idea, possible that distribution has ended. Here’s chart but see update for some other context.Note
Keep in mind based on idea’s original chart that this pull back was expected. Could still be distribution. Though, looks like also there is an accumulation pattern. The 45 min chart shows a valid parallel channel break (3 touches each side).Note
Note
If you haven’t already, check out my Distribution Update linked to this idea.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.