In the post going back to February last year, I talked about the "VALUE AREA"
This level was the start of the Wyckoff movement for me, where the distribution would start to fall into place. You will see the value area highlighted in the main post with an orange horizontal line.
Press play on this and you will see much like a magnet, price comes back and stays around this level for a considerable amount of time. Starting around mid May.
There was a key hidden level inside this range, that made it very attractive, in addition it give some clue towards the instrument now being institutionalised.
I've covered this in several streams and posts - much like this image below;
The Wyckoff distribution (click below) for the educational post; Came with very little surprise, it was clearly exhausted, we had seen the re-accumulation phase - making it the optimal target for a 3 wave weekly around the 62k level (first long time ATH in the EW roadmap)
I am often asked about where next, for me personally. Not much has changed over this last year - the only real surprise was that we didn't get 75k-83k as a key level during the wave 5 up on the weekly. Seeing only $69,000 instead.
There are a couple of key levels in which myself and @Paul_Varcoe will be covering in our upcoming streams. But for now, it's fascinating seeing the price being pulled towards the value area range that's been sitting there this last year.
Disclaimer This idea does not constitute as financial advice. It is for educational purposes only, our principle trader has over 20 years’ experience in stocks, ETF’s, and Forex. Hence each trade setup might have different hold times, entry or exit conditions, and will vary from the post/idea shared here. You can use the information from this post to make your own trading plan for the instrument discussed. Trading carries a risk; a high percentage of retail traders lose money. Please keep this in mind when entering any trade. Stay safe.
@fynite, And thank you for both coins and the comment! Really appreciated.
dgtrd
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do you think the impulsive wave is completed ? "the only real surprise was that we didn't get 75k-83k as a key level during the wave 5 up on the weekly. Seeing only $69,000 instead" if so then we are correcting in one higher degree
personally i was assuming that we are still in wave 4 where a running or expanding flat is developing
Mayfair_Ventures
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@dgtrd couple of issues on the 0-A move I see, you can take a 5 wave down making it a zig zag. The extension to the current ATH was also spot on. So I personally prefer the 0-A from current ATH as it’s monthly it’s likely to drag out for a while 👍
@dgtrd, Hi there, yes something like that I'm seeing currently. We might have another little stab at the A level. But not needed, just plausible to confuse retail. 5-3-5 for zig zag, I wouldn't rule out a combo move either as it's a monthly and will seek to cause max pain. Last thing is, 19k level (0-1 high) is invalidation levels so it might only go 23> but will see clearer when we get the B to forecast the extensions formally. Hope that helps.
dgtrd
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@Mayfair_Ventures, thank you very much 🙏💙, previously i was expecting a drop till 28k levels but after your valuable post made it more clear regarding the invalidation level yes i marked 19K level with the red dotted line in the chart
thanks a lot for commenting, you are one of the rare correctly elliott practitioners in here 💙
Mayfair_Ventures
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@dgtrd, Thank you, the trick with Elliott is don't over complicate. Don't try to read every move or swing. Take the data and use it to get your roadmap and the rest falls into place 👍