We had a false breakout at 35k, we got up to 36.5k area then fell down to retest the trend line, which arguably did create a buy signal for my breakout strategy.
I did no enter it, cant remember if it was because I was sleeping or working! But technically it was a buy signal for me.
This trade would have got stopped out.
We are back inside the reservation now, back in pattern and continuing to test the upside of this triangle. You may remember I was discussing drawing new patterns.. no need for the time being!
MY PREDICTION = (Getting sick of these!) Test 34k trend line then head towards 32.5k.
I want to emphasize things can get crazy now as we get squeezed to the edge of this triangle and forced to make a decision upwards or downwards.
Shoutout to todays trading view ideas = @VincePrince
Just a little tip on the Wyckoff as that is somewhat my thing.
In the distribution top there was a confirmation that many have not heard of called "CHoCH" which is an acronym for "change of character." In this instance I would describe it as the beginning of the bearish motive trend - a significant turning point: Sell volume increases and this circled initial collapsing structure is an intermediate wave 1 (I think).
There are many different considerations I could write as to why price is not in accumulation right here, but I will just point out the obvious which is that there is no CHoCH to work with as yet. Price continues to print lower lows and lower highs, and although there is some minor shenanigans en-route, so far any rally upward has been more than equaled by a subsequent sell off with higher volume.
So although drawn "well" perhaps, it looks like there is no solid ground to @VincePrince 's accumulation call. Rather it is a stick in the sand call for price to be entering phase D with nothing to evident the change.
In the distribution top the trend was clearly weakening throughout and it wasn't too difficult to see. Here price will never quite reach phase D I feel. Time will tell.
dRends35
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It was just the same in the 2018 bear market at 6K bulls were pounding the table for accumulation before price collapsed to 3K.
tommytoan11
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@dRends35, great read, will have to cheer one of your ideas for that insight!
GhostRyder_72
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Elliot wave 3 down starting soon
tommytoan11
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@fjt20n, you seen much of @MarcPMarkets ideas? he discusses elliot waves at times. more so on his youtube
burakb
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VincePrince obviously does not know anything about wyckoff. He is confusing accumulation and re-distribution. Price drops are much stronger than price increase volumes. And we do not see Higher highs, there are no impulsive resistance breaks. It is not accumulation. He just checks the wyckoff schematic and tries to fit it to the current price action.
In the distribution top there was a confirmation that many have not heard of called "CHoCH" which is an acronym for "change of character." In this instance I would describe it as the beginning of the bearish motive trend - a significant turning point: Sell volume increases and this circled initial collapsing structure is an intermediate wave 1 (I think).
There are many different considerations I could write as to why price is not in accumulation right here, but I will just point out the obvious which is that there is no CHoCH to work with as yet. Price continues to print lower lows and lower highs, and although there is some minor shenanigans en-route, so far any rally upward has been more than equaled by a subsequent sell off with higher volume.
So although drawn "well" perhaps, it looks like there is no solid ground to @VincePrince 's accumulation call. Rather it is a stick in the sand call for price to be entering phase D with nothing to evident the change.
In the distribution top the trend was clearly weakening throughout and it wasn't too difficult to see. Here price will never quite reach phase D I feel. Time will tell.