RGR short term bearish, long term bullish? I only recently picked back up on Wyckoff patterns. This is very similar to a reaccumulation schematic I dug up online.
So according to this idea, we will see a dump down to sweep those lows. Ironically this coincides with the November election.
That low would be considered the spring, followed by a test and then off to the races in 2025.
Is Wyckoff trying to tell us something from the other side? Does this means Trump win is bullish because of 2a rights and people having extra money again, or does this mean that Kamala wins and everyone realizes how dangerous the country is so they all load up on firearms? Maybe the government gets a contract to supply their 87,000 IRS agents with more guns. Stay tuned for the next chapter of this wild movie we are living in.
Regardless of what it is or who wins there is a long term, wide range with a descending wedge nearing the bottom in the coming months. False breakdown and recovery of that wedge is super bullish. Wyckoff adds some nice confluence which can help you hold a position if it's working for you and following the plan. I will always watch volume and price action, as well as a handful of other things. This is simply one piece of the puzzle.
