With all the talk about possible bottom I thought I would make an idea to see if it is following the Wyckoff Accumulation phases. The comparison with the 2014-2015 chart below is not meant to show how it is following it exactly, but just an example of the last accumulation and how it followed Wyckoff phases.
Here is a list of the abbreviations I used in my chart above
PS—preliminary support, where substantial buying begins to provide pronounced support after a prolonged down-move. Volume increases and price spread widens, signaling that the down-move may be approaching its end.
SC—selling climax, the point at which widening spread and selling pressure usually climaxes and heavy or panicky selling by the public is being absorbed by larger professional interests at or near a bottom. Often price will close well off the low in a SC, reflecting the buying by these large interests.
AR—automatic rally, which occurs because intense selling pressure has greatly diminished. A wave of buying easily pushes prices up; this is further fueled by short covering. The high of this rally will help define the upper boundary of an accumulation TR.
ST—secondary test, in which price revisits the area of the SC to test the supply/demand balance at these levels. If a bottom is to be confirmed, volume and price spread should be significantly diminished as the market approaches support in the area of the SC. It is common to have multiple STs after a SC.
SOS—sign of strength, a price advance on increasing spread and relatively higher volume. Often a SOS takes place after a spring, validating the analyst’s interpretation of that prior action.
LPS—last point of support, the low point of a reaction or pullback after a SOS. Backing up to an LPS means a pullback to support that was formerly resistance, on diminished spread and volume. On some charts, there may be more than one LPS, despite the ostensibly singular precision of this term.
(stole from the definitions from this site for those wondering: stockcharts.com...school/doku.php?id=chart_s...)
Here is a list of the abbreviations I used in my chart above
PS—preliminary support, where substantial buying begins to provide pronounced support after a prolonged down-move. Volume increases and price spread widens, signaling that the down-move may be approaching its end.
SC—selling climax, the point at which widening spread and selling pressure usually climaxes and heavy or panicky selling by the public is being absorbed by larger professional interests at or near a bottom. Often price will close well off the low in a SC, reflecting the buying by these large interests.
AR—automatic rally, which occurs because intense selling pressure has greatly diminished. A wave of buying easily pushes prices up; this is further fueled by short covering. The high of this rally will help define the upper boundary of an accumulation TR.
ST—secondary test, in which price revisits the area of the SC to test the supply/demand balance at these levels. If a bottom is to be confirmed, volume and price spread should be significantly diminished as the market approaches support in the area of the SC. It is common to have multiple STs after a SC.
SOS—sign of strength, a price advance on increasing spread and relatively higher volume. Often a SOS takes place after a spring, validating the analyst’s interpretation of that prior action.
LPS—last point of support, the low point of a reaction or pullback after a SOS. Backing up to an LPS means a pullback to support that was formerly resistance, on diminished spread and volume. On some charts, there may be more than one LPS, despite the ostensibly singular precision of this term.
(stole from the definitions from this site for those wondering: stockcharts.com...school/doku.php?id=chart_s...)
Comment:
Just to add... This is not a predication idea. Just and idea to see if follows the Wyckoff phases. I will be updating this idea as things change and when we possibly move to different phases.
Comment:
I still the Wyckoff phases are playing out but it appears it has gone very bullish and is tilted up... Here is the Total Cap Chart and believe we could be all the way in phase E. charts.cointrader.pro/snapshot/Orgzc
d.stockcharts.com/sc...offaccumulation2.png
d.stockcharts.com/sc...offaccumulation2.png
Comment: