Alright people, are you ready to meet my bull face? I never actually removed my laser eyes anyways :))) There's a bull inside of every bear and vice versa!
Let's start with, the bad news: Redistribution is invalidated, no more 20k in the horizon. The rally from 30k has set the end of redistribution scenario which has always been the possibility and this also means the whole time we were in accumulation, just like i first started the analysis of this series.
Look at my very first wyckoff accumulation analysis:
I didn't even know about redistribution back then and even called this incorrectly as reaccumulation, see how far we come :)
Good news is that the structure is now much clear. Especially by the help of my infamous indicator TOTT, which has printed the first buy signal since selling on April 24th. I trust it, because i have been backtesting it for 6 months, maybe more. This is the wake up call for me and I'm pretty confident that we are going up soon. (Last words LOL :)
The primary accumulation is ended with the streak leg up and now, we are in a smaller reaccumulation which will take us to the demand side of the newly forming uptrend channel. It will take us till late August to break above 40k and start a new leg up all the way to 60k levels and another reaccumulation to resume the trend towards 80k where the distribution starts playing with the preliminary supply event up until 100k.
Let's look at the p&f chart for the accumulation count and price objective
Copy this Open4Profit! (The guy who copied my previous p&f analysis and presented as his own. Glad that idea went bust :)
To sum up, we are going to 100k in 4 easy steps:
Step 1 / 35-41k Reaccumulation / 41-59k Markup Step 2 / 59-65k Reaccumulation / 65-77k Markup Step 3 / 77-83k Reaccumulation / 83-89k Final Markup Step 4 / 89-100k Distribution & Blow Off Top
And then you'll have a very big problem on how to spend your money till the next bull cycle :)))
It's ofcourse too early to set the boundaries of channel as it has yet to make the down move, but this is the opportunity right now for us to buy the last point of support.
THIS WILL BE THE POINT OF NO RETURN!
My target entry points are split between these support levels with different asset allocation.
37.300 - Monthly support (May Close) 36.500 - Bottom support of new trading range 35.800 - Additional step between spring and support 35.200 - if a spring type action occurs
I see sub 35k highly gone forever Laura.
Starts are aligned, limit orders are set, waiting to get filled. If, we don't go down to these levels, i'll buy the breakout anyway.
My previous target, the breakout above 41.330 is still valid, BUT if it happens today or too soon before going down first, it would most probably be a trap to shakeout the weak hands. So, if you already bought here, you need to hold on tight and move your stop loss lower around 30k if you don't want to get liquidated.
If you want to buy the breakout, wait until this consolidation ends, in the meantime enjoy lower prices whenever you can. That's what i will be doing.
I wish we went down further and took the chance, but this bull cycle seems to be a double top scenario like 2013.
So here you are, going to the moon :)
Best.
Comment
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Hands down, 41.330 target reached and purchase complete. See you at 100k.
@BrianM20, PLEASE THANK THE MAN. HE'S BEEN IN TRADING LONGER THAN ANY OF US HAS BEEN.
BitcoinMillio18
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@BrianM20, with all due respect, i'm following mayfair as well. I didn't hear any mention to 20k zone in their latest update, instead i heard lots of confirmation above 40k! tradingview.com/streams/73Xj1b1kuyOcM32o48atm/
BrianM20
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@BitcoinMillio18, we know with 100% certainty it will dip below 37K. listen to them again. He leaves no doubt that price will come down to minimum 36-37k. I listen to that half an hour recording at least 2 times. If i were you I would've at least done DCA.
@BitcoinMillio18, look It's your money and It aint none of my damn business. I'm putting it out there so people would at least consider the bearish scenario and do DCA, Dollar-Cost Averaging.
BrianM20
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@BitcoinMillio18, I'm out following you. Thanks for being a good game.
BrianM20
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@BitcoinMillio18, anyhow. Everyone has to trade his own trade. Plan your trade, and trade your plan.
BitcoinMillio18
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@BrianM20, and when the impulsive volume he's looking for arrives, it will be a little bit late to buy, but that's another approach. He's mostly using elliot which i find quite confusing. Wycoffians enter right here.
BrianM20
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@BitcoinMillio18, he uses basic EW. If he used EW like where I've seen being used by pros, everyone would be lost. EW is waaay much complicated and tiresome that what he presents. He's got 30 years of trading under his belt. I think every trader needs to know the basic of EW that he uses in his TA.