BTC Wyckoff distribution v2This is a follow up from my last chart this includes the involvement of a LPSY
LPSY — last point of supply. After testing support on a SOW, a feeble rally on narrow spread shows that the market is having considerable difficulty advancing. This inability to rally may be due to weak demand, substantial supply or both. LPSYs represent exhaustion of demand and the last waves of large operators’ distribution before markdown begins in earnest.
Bitcoin has been ranging for a year now. this is typical of wyckoff distribution. Regardless of schematics working perfectly to a diagram. These are the signs of distribution I look for. The key areas to be aware of are:
Volume , does it rise on supply, is there a response to attempts to push the price back up?
Is there a clear buying climax to begin your trading range. Look for candles with long wick (to indicate counter-pressure) or blow off top candles that create an obvious difference from the previous uptrend.
Is there an automatic reaction to that? Does price return back down on high supply?
Have their been any springs (movements below the BC or TRADING RANGE) — how were these responded to?
This should be conducted on a minimum of a 12h chart.
UTAD — upthrust after distribution. A UTAD is the distributional counterpart to the spring and terminal shakeout in the accumulation TR . It occurs in the latter stages of the TR and provides a definitive test of new demand after a breakout above TR resistance. Analogous to springs and shakeouts, a UTAD is not a required structural element
ICE — This is another concept that isn’t covered in all distribution schematics but I feel it’s worth covering. Accumulation has a Creek and when price crosses this creek it’s considering to be Jumping Across the Creek (JAC). The creek is a rough line drawn across the highs of the range that we expect to see broken on high volume to add credibility. Within distribution we have a similar concept called ICE. Imagine this as a frozen lake, each footstep you take on the ice it becomes a little weaker. A rough line is drawn across the lows of the range instead for distribution, each time the price has touched it, it weakens and sooner or later the ICE will break and price (and you on the lake) will fall through.
Disclaimer
Wyckoffdistribution
IS $92K WHAT IS POTENTIAL NEXT FOR BITCOINHi all.
I am sorry I haven't been able to post any analysis of sort lately.
But if you are a maintainig a BULLISH BIAS on the Mother of Crypto I am looking @ some specific price point to get involve. My BIAS to go long is looking @ an ORDERBLOCK on 1hr that leads to a massive explosion and break of couple of 4hour Break of Structure according to the Schematics.
Having seen this order block in price range of 37934 and 38352, that becomes an area of interest for me to look for lower timeframe rejection and then BUY reaction.
I also found a potential SHARK Harmonic pattern landed on the 0.886 deeper rejection of the consolidation mode that we are currently in. Overall last week upward thrust a bullish bias if it continues then the next few weeks can potentially seen that liquidity been formed @ 45K area broken. When you have had so much retail execution trying to sell then we have so many stops level above 45K and what do you think will happen to them liquidity grabbers will go for them and that in itself is a good schematics to picture BULLISH BITCOIN in the next coming days or week.
My Risk for this BUY PROJECTION is 28130 which means I will seize advantage of buying and holding BITCOIN lower prices till 28130 should incase we flush down to this region. Which means if I have £1000 of BTC to buy I will potentially buy some @ around 37934 to 38352 maybe a quarter of my capital and if it takes off from here to the Moon I will spent the rest on some other Altcoins.BUT if prices flushes down some more I will update a specific price point to buy more.
Trade with a plan and trade wisely remember once your capital is gone then you may struggle to find more capital to get involve in the game.
If this helps then don't hesitate to like the post and get in touch.
IWM - Looks like small caps might be in for a bit more hurtThe daily chart from the Covid crash to the peak of the Covid recovery paints a picture of the Russell 2000 that is eerily similar to a textbook sketch of Wyckoff's distribution theory.
For the bulk of 2021 IWM respected a very clear support line that has been crashed through in 2022. Recent price action shows that old support being tested as a new resistance and buyers attempting to push prices through that level were flatly rejected. Furthermore, volume began spiking on drops in price below the 200 day moving average and any movement above it recently was met with anemic volume. This is not the excitement that we've been accustomed to in the small caps of 2020.
The game has changed.
With 1/3 of the Russell (at least) being non-revenue producing speculative companies that were exponentially over-valued during the 2020 bull run, it's hard to imagine that the grounding of the Russell isn't real and that it isn't coming. In today's market, giants like TSLA, AAPL, and MSFT are being dragged down to fundamental value. The small caps aren't immune, unfortunately. What's even worse is that a correction to AAPL's charts isn't as ghastly as some small caps that are trading at tens or hundreds of millions above their quarterly earnings.
The Russell is an important index to watch if one is interested in small cap boomers. It serves as not only a tradable ETF but as a thermometer for the sentiment toward speculation. Right now, it appears that bullish sentiment and risk taking is waning and bearish sentiment is growing. This could lead to a gut wrenching performance for small caps going forward into 2022 and larger drops in former penny stocks that retail investors drove to epic heights in 2020 and early 2021. Many of these companies are still heavily overvalued after 50%+ drops in share prices.
I'd expect volatility in the coming months as tax returns are pumped into these old favorites with the rallying cries of "buy the dip" and "moon next PR" on the breath of most novice investors and traders, especially those who are holding bags likely exponentially higher than current share prices. Once that surge of small money ends I would think that an abysmal summer is approaching for many of these strongholds.
Most of the companies have made lofty promises and many of them have targeted this summer for validation of their business models and strategies. But in the face of generationally high inflation, wars, rate hikes, and supply chain disruptions along with a pandemic that is cyclically impacting humanity, will it matter?
If Mr. Russell is any indication of what is to come, that answer is likely no. Spiking prices will likely be met with hard sell-offs and shorts that start to feel the squeeze will get a layer of protection from the trapped bulls just looking to get their money back out of the markets.
It's not the best of news, but it shouldn't be considering that we aren't in the best of economic situations currently. Of course this is the markets and the markets have a mind of their own. It's wise not to get too caught up in bias and predictions to the point where you are unable to react appropriately and according to your plans.
Good luck out there and God bless!!
ADA Wyckoff Re-Distribution Trading RangeThe ADA price has been in a downsloping Wyckoff re-distribution trading range from Sept 2, 2021 to the present. The upper and lower boundaries of this trading range are given by the horizontal black lines.
Wyckoff abbreviations: automatic reaction (ARe), buying climax (BC), failed upthrust (FUT), phase A (Ph A), phase B (Ph B), phase C (Ph C), secondary test (ST), shakeout (SO), sign of weakness (SOS), upthrust (UT).
Bitcoin Wyckoff Distribution We can analyze BTC as Wyckoff methods too
• Right now we are in phase E of Wyckoff Distribution
• As you see, the price reflects the AR and PSY zones of Wyckoff Accumulation (between 33-40k).
• This pattern is really similar to our 1st scenario, which I showed before you can find it here:
• It means the depth of BTC could be 29k; who knows? just we need to wait.
please see another scenario of BTC:
Potential Schematic Almost Complete!Gold - Potential Distribution Schematic almost complete,
I'm waiting for NYSE open for price to maybe have one more upthrust into the LTF imbalance (Zone marked on chart) before quickly dropping below the BC and then breaking to the downside, this could be a very nice trade, let's keep an eye on it and see!
Let me know your thoughts!
* Disclaimer **
These ideas I never trade until the end target with my initial lots, I focused on high probable entries with higher lots and use a specific partial taking strategy giving me a very high win rate and take most of my profits very early, I only leave a small % of my capital to run the entire trade. On the flip side im constantly monitoring LTF momentum and will close early if things change, these analysis's are for research purposes only.
Wyckoff Distribution + InflationThe IWM has completed It's classic Wyckoff Distribution and we are now at Phase E. The target is 170-169 where we have found support.
This is a warning for the entire Stock Market to abandon ship while you still can.
The IVM is the Titanic and has hit the ICEBERG. We don't have enough boats to save everyone. People will be left on the ship stuck at all time highs holding the bags.
"The first panacea for a mismanaged nation is inflation of the currency; the second is war. Both bring a temporary prosperity; both bring a permanent ruin. But both are the refuge of political and economic opportunists."
Ernest Hemingway
This post is not Financial Advise.
NZD/JPY 4H Wyckoff 23:1 Risk to Reward RatioWyckoff Trading Method is amazing to understand the market and the big players who move the market. The idea is to understand when the market consolidates and wether it is in a distribution/re-distribution phase or accumulation/re-accumulation phase.
Wyckoff gives you a big Risk to Reward Ration if entered right.
In the NZD/JPY attached picture, the price consolidated and before it there was a change of character, there I have identified the PS (Point of Supply). Then the SC (Selling Climax) and AR (Automatic Rally) were identified alongside ST (Second Test) to mark the end of Phase A. Trading Ranges are identified by SC & AR.
Phase B had an Ultimate Thrust followed by an ST for Phase B.
Phase C is where the big players trick you into thinking the price will go down while in fact the want to push it up. That is called the Spring which is then followed by a Test. The Test usually happens to gather the hedge funds companies to join along.
Phase D is where we see Signs of Strength and could be followed by a Last Point of Supply for any companies to join along.
You could enter a trade in Phase C or Phase D only and you could even go on lower timeframes for better entries.
You have to have patiences when trading Wyckoff because you could have Re-accumulation instead of Accumulation. In our online courses, we'll teach you how you can identify the difference :)
Please share and support and let me know what you think in the comments section. Thanks !
$F which one of these gaps are we filling first, boys?Bull gap BELOW current SP - 6.3 pips 15.92 ; 16.55
Bear gap ABOVE current SP - 12.4 pips 18.63 ; 19.87
Personally, I am bearish short term, expecting to kiss that lower gap and possibly fill it before a potential bounce back to the upside.
Possible Wyckoff Distribution setup was forming on 1D prior to earnings.
Personally took a puts gamble on earnings. I have been following $F for some time now and the strength of the stock was obviously slowing. (Not to mention Cramer was pumping it lol)
Hasn't had much legs since pumping and retracing quickly back to consolidation/support zone which was then lost on a big gap down after most recent earnings.
Which way do you think she's heading?
As always, manage your risk and GOOD LUCK!
Not advice just insight*
Bitcoin Daily Chart - Wyckoff Distribution and Downtrend BreakAs the majority of traders have began showcasing various bearish signals, it is important that at this moment we zoom out of the chart and we observe the longterm pattern that has been created.
On the daily chart we can observe a potential Wyckoff Distribution being completed which should continue with a downtrend.
As of today, bulls are attempting to break off from the downtrend and enter two possible scenarios:
- a shoot to ~47,000 breaching the strong resistance at ~45,000 which has already been tested several times.
- sideways trading to consolidate the downtrend break, and build new support before finally attempting to pump in the ~50,000 price range.
We are still considered to be in no mans land until a confirmation appears.
The most likely scenario is sideways training and here is why:
1. FED actions to taken in consideration
2. Russia - Ukraine situation. Ukraine deciding not to follow their NATO membership ambitions is a positive step towards temporarily resolving the tense circumstances at the border.
3. The crypto ecosystem is technologically booming. A 12-24 months bearish crypto market does not represent the logical uptrend of the overall crypto world, unless external factors are significantly negative.
Bitcoin: Potential Wyckoff Distribution completedAlthough still continuing with an uptrend on the 4h chart, we now can see a clear Wyckoff Distrbution being completed for bitcoin which can be a signal for a significant upcoming drop.
If this Wyckoff Distribution is confirmed with a drop within the next 24 hours, we can expect bitcoin price to go down and test support at ~39,000 mark.
However, at this moment we are in no mans land for various reasons but specially because:
1. Wyckoff Distribution forming or complete, waiting for reaction
2. Potential golden cross between the 20 and 50 EMA forming in the upcoming hours.
3. Superbowl event is expected to have an effect as crypto commercials will take place which is a historical moment
4. Russia vs Ukraine geopolitical situation is one of the major factors to watch as any news regarding this can cancel all other signals.
It is recommended for traders to refrain from any trades and observe a market trend shift.
BTC USD Nearing Resistance in the Daily TimeframeHere I show stepping stone re-distribution trading ranges for BTC USD in the daily timeframe. From Oct 20, 2021 to Dec 3, 2021, the BTC price was observed in a horizontal re-distribution trading range. The upper and lower boundaries of this trading range are given by the horizontal black dotted lines. The gray shaded areas show support and resistance zones. Significant bars, which help define important areas of support and resistance, are given by the blue shading. The BTC price dropped down to a second, lower horizontal re-distribution trading range. The BTC price was observed in that trading range from Dec 4, 2021 through Jan 21, 2022. Although the BTC price recently has been trending up, it is not likely that the price will significantly exceed the upper bounds of the linear regression channel. The upper and lower bounds of the linear regression channel are given by the solid green and red lines, respectively. The solid black line is the midpoint of the linear regression channel. In this case, I expect the upper bound of the linear regression channel to act as strong resistance and the lower bound of the linear regression channel to act as strong support.
Shown in the bottom panel is the Phoenix Ascending indicator, comprised of the green exponential moving average (EMA), red stochastic relative strength index (sRSI), blue least squared moving average (LSMA), and the grey energy (GE). The ideal short entry occurs when the red sRSI is on the downswing and is about to be contacted by a green EMA on the downswing.
Wyckoff abbreviations: automatic rally (ARa), automatic reaction (ARe), buying climax (BC), failed upthrust (FUT), last point of supply (LPSY), phase A (Ph A), phase B (Ph B), phase C (Ph C), phase D (Ph D), phase E (Ph E), secondary test (ST), selling climax (SC), shakeout (SO), sign of weakness (SOW), upthrust action (UTA).
This is not financial advice. I am not your financial advisor. This is my opinion.
US Equities in Wyckoff Phase B SOW Reaction Rally; Lower Soon!Read Wyckoff, heed the master. Having reached an ATH, big players prop up share prices in order to distribute their supply to retail investors (YOU!) at highest possible price. Tops take months to unwind, this one now going on for three months and probably gonna get one more massive bear flag rally after this selloff corrective structure completes. Pls read the phases below and visit the source document to study the pattern; once price enters Phase D it breaks below TR and the waterfall begins. It will get really really scary ugly then, a bottomless plunge.
NB: Rally stalled exactly at the 0.62 Fibo on 1/12/22. Perfect retracement. Expect a measured move down to or near 4500 next week.
Following the corrective structure another rally may ensue to a lower high in Feb. J Powell has already suggested the first rate hike might be in March, so holding rates at Jan meeting will likely spark another stupid pop. This would be a Wyckoff UTAD rally, these may or may not occur (see below). IMO we had UTAD from Santa Rally in December, tough to label these until the structure fully reveals, do expect a last squeeze before break.
This is not investing advice, it's a notion. I'll give you free advice, worth every penny you pay for it: IF you're in the Market LONG, GTFO NOW!. IF you're not in the market, STFO and do not get Risk On! LOL Thereyago. Don't say I didn't tellya. Trade at ur own risk, GLTA!
Wyckoff Abbs (source and a must read; school.stockcharts.com):
TR—trading range
PSY—preliminary supply, where large interests begin to unload shares in quantity after a pronounced up-move. Volume expands and price spread widens, signaling that a change in trend may be approaching.
BC—buying climax, during which there are often marked increases in volume and price spread. The force of buying reaches a climax, with heavy or urgent buying by the public being filled by professional interests at prices near a top. A BC often coincides with a great earnings report or other good news, since the large operators require huge demand from the public to sell their shares without depressing the stock price.
AR—automatic reaction. With intense buying substantially diminished after the BC and heavy supply continuing, an AR takes place. The low of this selloff helps define the lower boundary of the distribution TR.
ST—secondary test, in which price revisits the area of the BC to test the demand/supply balance at these price levels. For a top to be confirmed, supply must outweigh demand; volume and spread should thus decrease as price approaches the resistance area of the BC. An ST may take the form of an upthrust (UT), in which price moves above the resistance represented by the BC and possibly other STs before quickly reversing to close below resistance. After a UT, price often tests the lower boundary of the TR.
SOW—sign of weakness, observable as a down-move to (or slightly past) the lower boundary of the TR, usually occurring on increased spread and volume. The AR and the initial SOW(s) indicate a change of character in the price action of the stock: supply is now dominant.
LPSY—last point of supply. After testing support on a SOW, a feeble rally on narrow spread shows that the market is having considerable difficulty advancing. This inability to rally may be due to weak demand, substantial supply or both. LPSYs represent exhaustion of demand and the last waves of large operators’ distribution before markdown begins in earnest.
UTAD—upthrust after distribution. A UTAD is the distributional counterpart to the spring and terminal shakeout in the accumulation TR. It occurs in the latter stages of the TR and provides a definitive test of new demand after a breakout above TR resistance. Analogous to springs and shakeouts, a UTAD is not a required structural element: A UTAD MAY NOT OCCUR.
Phase A: Phase A in a distribution TR marks the stopping of the prior uptrend. Up to this point, demand has been dominant and the first significant evidence of supply entering the market is provided by preliminary supply (PSY) and the buying climax (BC). These events are usually followed by an automatic reaction (AR) and a secondary test (ST) of the BC, often upon diminished volume. However, the uptrend may also terminate without climactic action, instead demonstrating exhaustion of demand with decreasing spread and volume; less upward progress is made on each rally before significant supply emerges.
In a redistribution TR within a larger downtrend, Phase A may look more like the start of an accumulation TR (e.g., with climactic price and volume action to the downside). However, Phases B through E of a re-distribution TR can be analyzed in a similar manner to the distribution TR at the market top.
Phase B: The function of Phase B is to build a cause in preparation for a new downtrend. During this time, institutions and large professional interests are disposing of their long inventory and initiating short positions in anticipation of the next markdown. The points about Phase B in distribution are similar to those made for Phase B in accumulation, except that the large interests are net sellers of shares as the TR evolves, with the goal of exhausting as much of the remaining demand as possible. This process leaves clues that the supply/demand balance has tilted toward supply instead of demand. For instance, SOWs are usually accompanied by significantly increased spread and volume to the downside.
Phase C: In distribution, Phase C may reveal itself via an upthrust (UT) or UTAD. As noted above, a UT is the opposite of a spring. It is a price move above TR resistance that quickly reverses and closes in the TR. This is a test of the remaining demand. It is also a bull trap—it appears to signal the resumption of the uptrend but in reality is intended to “wrong-foot” uninformed break-out traders. A UT or UTAD allows large interests to mislead the public about the future trend direction and, subsequently, sell additional shares at elevated prices to such break-out traders and investors before the markdown begins. In addition, a UTAD may induce smaller traders in short positions to cover and surrender their shares to the larger interests who have engineered this move.
Aggressive traders may wish to initiate short positions after a UT or UTAD. The risk/reward ratio is often quite favorable. However, the “smart money” repeatedly stops out traders who initiate such short positions with one UT after another, so it is often safer to wait until Phase D and an LPSY.
Often demand is so weak in a distribution TR that price does not reach the level of the BC or initial ST. In this case, Phase C's test of demand may be represented by a UT of a lower high within the TR.
Phase D: Phase D arrives after the tests in Phase C show us the last gasps of demand. During Phase D, price travels to or through TR support. The evidence that supply is clearly dominant increases either with a clear break of support or with a decline below the mid-point of the TR after a UT or UTAD. There are often multiple weak rallies within Phase D; these LPSYs represent excellent opportunities to initiate or add to profitable short positions. Anyone still in a long position during Phase D is asking for trouble.
Phase E: Phase E depicts the unfolding of the downtrend; the stock leaves the TR and supply is in control. Once TR support is broken on a major SOW, this breakdown is often tested with a rally that fails at or near support. This also represents a high-probability opportunity to sell short. Subsequent rallies during the markdown are usually feeble. Traders who have taken short positions can trail their stops as price declines. After a significant down-move, climactic action may signal the beginning of a re-distribution TR or of accumulation.
Bitcoin Wyckoff distributionA Five-Step Approach to the Market
The Wyckoff Method involves a five-step approach to stock selection and trade entry, which can be summarized as follows:
1. Determine the present position and probable future trend of the market. Is the market consolidating or trending? Does your analysis of market structure, supply and demand indicate the direction that is likely in the near future? This assessment should help you decide whether to be in the market at all and, if so, whether to take long or short positions. Use both bar charts and Point and Figure charts of the major market indices for Step 1.
2. Select stocks in harmony with the trend. In an uptrend, select stocks that are stronger than the market. For instance, look for stocks that demonstrate greater percentage increases than the market during rallies and smaller decreases during reactions. In a downtrend, do the reverse – choose stocks that are weaker than the market. If you are not sure about a specific issue, drop it and move on to the next one. Use bar charts of individual stocks to compare with those of the most relevant market index for Step 2.
3. Select stocks with a “cause” that equals or exceeds your minimum objective. A critical component of Wyckoff's trade selection and management was his unique method of identifying price targets using Point and Figure (P&F) projections for both long and short trades. In Wyckoff's fundamental law of “Cause and Effect,” the horizontal P&F count within a trading range represents the cause, while the subsequent price movement represents the effect. Therefore, if you are planning to take long positions, choose stocks that are under accumulation or re-accumulation and have built a sufficient cause to satisfy your objective. Step 3 relies on the use of Point and Figure charts of individual stocks.
4. Determine the stocks' readiness to move. Apply the nine tests for buying or for selling (described below). For instance, in a trading range after a prolonged rally, does the evidence from the nine selling tests suggest that significant supply is entering the market and that a short position may be warranted? Or in an apparent accumulation trading range, do the nine buying tests indicate that supply has been successfully absorbed, as evidenced further by a low-volume spring and an even lower-volume test of that spring? Use bar charts and Point and Figure charts of individual stocks for Step 4.
5. Time your commitment with a turn in the stock market index. Three-quarters or more of individual issues move in harmony with the general market, so you improve the odds of a successful trade by having the power of the overall market behind it. Specific Wyckoff principles help you anticipate potential market turns, including a change of character of price action (such as the largest down-bar on the highest volume after a long uptrend), as well as manifestations of Wyckoff's three laws (see below). Put your stop-loss in place and then trail it, as appropriate, until you close out the position. Use bar and Point and Figure charts for Step 5.
Russell 2K (IWM) showing Wyckoff Distribution?Richard Wyckoff theorized that one could understand the market and its movement through analysis of supply and demand, which can be ascertained from studying price action, volume, and time. According to Wyckoff, the market moves in cycles. First, there is a period of accumulation followed by a mark up period. Then there is a period of distribution followed by a mark down period. The cycle then repeats itself. Seeking to improve efficiency when trading, Wyckoff created the Wyckoff schematics which depict trading ranges of accumulation and distribution by smart money.
In 2020, we saw a major market crash as COVID caused the world to shut down. Once the F.U.D. diminished, the Wyckoff accumulation cycle began and the Russell was quickly marked up in a matter of months. In 2021, the Russell has traded mostly sideways. Following Wyckoff's cycle, one could presume that this is the Wyckoff distribution pattern which can take up to a year to fulfill.
The Wyckoff Distribution Pattern is split into phases. I have outlined each phase on the chart to provide clarity. The distribution is broken down as such:
Phase A:
The Preliminary Supply (PSY) is established. This is where big money begins to offload some of their accumulated position. It is bought up by retail traders and sent to new highs. Big money then offloads a larger portion of their position at the Buying Climax (BC). This causes a massive wave of selling as supply significantly outweighs demand. Panic selling ensues and stop losses are triggered. An Automatic Reaction (AR) occurs as the supply and demand balance out. The low of the AR and high of the BC establish a trading range for the rest of the distribution.
Phase B:
This phase consists of supply and demand testing. Buyers will attempt to reclaim the trend through upthrusts (UT) but big money meets this demand with more supply and sends shares back into the trading range. Big money will then perform secondary tests (ST) and look for signs of weakness (SOW) to assess the remaining supply and demand imbalances. This results in a long period of consolidation. Not that we should see low volume in the middle of the range and volume spikes toward the boundaries.
Phase C (Optional):
This phase is characterized as a false breakout. It is used to trick traders out of their positions so big money can offload more supply, sending shares lower in one final push. Upthrust after Distribution (UTAD)
Phase D:
This phase will often illustrate a clear imbalance between supply and demand. Price will show large volume and price declines toward the lower boundary of the trading range. At this point, big money has little to no long position left and has likely initiated a short position. The market will begin to make a down-trending structure of lower highs and lower lows. I believe we are currently at this phase of the cycle.
Phase E:
The mark down period begins. There are several possible catalysts to trigger phase E. The most obvious is the anticipation of rate hikes from the Fed. From here, we will begin to look for the start of the next accumulation period.
**It is important to note that the Wyckoff Distribution Pattern is only a model and that the chart wont match it perfectly. As long as the fundamental concepts of the model hold true, the pattern should work. I will be looking for short signals and confirmations via market structure and volume.
Let me know your thoughts on this unusually long explanation. Happy trading!
USOIL WYCKOFF Textbook Pattern SHORT M30 Been studying Wcykoff for years but never bother labeling as the pattern are always different from the textbook.
However this seem to be a perfect match, which I took a trade during the pullback on M5 at 87.85
This is for my personal analysis and investment purposes. Neither recommendation nor advice.
Happy Trading!
Bear claws taking a big swipeBeen some rough days for the bulls lately. I've update my Wyckoff trading channel. Friday's trading was very steep and high volume that may, just may indicate a selling climax. It is possible we get another low but I count 5 waves over the last several days which could indicate the finish of a C wave in this correction for an expanded flat or zigzag. Pure Elliot Wave has some nice Elliot wave assessments from Lara that are really helpful in keeping track of these trading channels. I placed a downward trading channel for this down movement but likely too steep for any significant value. Volume has been increasing for the most part over this bearish pattern and with Friday's candle closing on the low on high volume, still indicates bearish sentiment. Had that candle been green or a bigger tail on high volume, would indicate a turn towards upward movement I would think.
This is information only and by no means implies any suggestions for trades. Trade at your own risk. Good luck.
Netflix Wycoff Distribution I believe many of the large cap stocks in the market are going through large distributions. This is my take on Netflix ($NFLX) using Wycoff Method and his Distribution Schematics. There could be signs of recovery, but unless they have intense volume they will likely be Bull Traps. If the upward movement is on relatively low volume that is a sign of continuation to the downside finishing with Phase E .