Here's the setup I'm watching at the moment. If you've been following me you'll know that I think we're in a macro accumulation phase (see linked idea and twitter feed -> twitter.com/gonebroke_/status/1000091146482315264).
Key Points To Remember. (stockcharts.com/school/doku.php?id=chart_school:market_analysis:the_wyckoff_method 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.
ST P.B - Secondary test in phase b 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."
Once we have a confirmed ST, I'll be looking to build a long from 6k to $5800 in anticipation of the 'spring'.
very well done! spring often comes in the end of the trading range. There are could be many ST, but spring is only one time event (also, ST can be lower than spring), nice job!
DickieWyckoff
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@Live_chart_set_up, thanks mate! I Still learning but think i'm starting to get a relatively decent understanding. I've still got a long way to go!
tecknit
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Do you expect this micro spring to also be the bigger spring?
DickieWyckoff
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@tecknit, I think that would play very well. $5800 has been my target for a while and looks good on both a micro and macro level.