Strong bearish divergence on the Daily RSI suggests Phase C is next.
Confirmation of Accumulation Setup: ZigZag down Immediate Spring, followed by a Higher low Aggressive show of strength up to confirm Phase D
Phase Descriptions:
Phase A: Markdown/End of Initial Downtrend Phase B: Building a Case. Building the thesis of whether we are entering further upside or downside. (Accumulation vs Redistribution) Phase C: Final Test Phase D: Buyers Dominance Phase E: Acceptance
Definitions:
PS: Preliminary Support SC: Selling Climax ST: Secondary Test AR: Automatic Rally LPS: Last Point of Support SOS: Show of Strength, sometimes referred to as BU (Back-Up)