Wyckoff "Back Up to the Creek" Pattern on CNQ
This looks like the potential to be the start of a new Mark Up (MU) phase on CNQ. I will publish 2 charts, this one is the "trees" view, and the other will be the "forest" view. If anyone knows how to link 2 charts together that aren't already published please share.
1. Selling Climax (SC) on significant volume (-22.9M)
2. Automatic Reversal (AR) on increased volume (+14.4M)
3. Secondary Test (ST) finding support at ICE, a small up move, followed by a lower low (Spring - SP) on decreased volume (+12.9M), which is a divergence between price and volume.
4. Following the Spring (SP) there is a low volume Test of Supply (TOS) followed by a Sign of Strength (SOS) to Jump the Creek (JTC) on increased volume (+3.2M)
5. Now seeing a low volume Back Up to the Creek (BUC) coinciding with the 50% fib retracement level.
6. This is also a test of a prior major level of support (see the "forest" view chart)
Very similar to the AGCO Long chart I published about 1 month ago. Wyckoff traded these BUC's (first pullback in a new MU phase) because he knew this is the best R:R
1. Selling Climax (SC) on significant volume (-22.9M)
2. Automatic Reversal (AR) on increased volume (+14.4M)
3. Secondary Test (ST) finding support at ICE, a small up move, followed by a lower low (Spring - SP) on decreased volume (+12.9M), which is a divergence between price and volume.
4. Following the Spring (SP) there is a low volume Test of Supply (TOS) followed by a Sign of Strength (SOS) to Jump the Creek (JTC) on increased volume (+3.2M)
5. Now seeing a low volume Back Up to the Creek (BUC) coinciding with the 50% fib retracement level.
6. This is also a test of a prior major level of support (see the "forest" view chart)
Very similar to the AGCO Long chart I published about 1 month ago. Wyckoff traded these BUC's (first pullback in a new MU phase) because he knew this is the best R:R
