I don´t see a Wyckoffian "spring" to be classified as an Re-Accumulation, yet. In this whole TR, I don´t see any commitment of demand, supply has been present throughout. This last rally in the 1-hour chart can be classified as a 2nd point of excitement. This is the transfer of money from weak hand to strong hands.
Slower timeframe analysis looks weak, too. The last rally in a slower timeframe only produced a LH, plus we had diminishing spread candles on the way up.
worst case scenario: it´s a loss
Best case scenario: it´s a distribution
another scenario: as it´s hitting a resistance level, it could end up being a swing reaction.
2 against one 1, not a bad trade.
Let me know what you think in the comment section. Good luck trading.
Slower timeframe analysis looks weak, too. The last rally in a slower timeframe only produced a LH, plus we had diminishing spread candles on the way up.
worst case scenario: it´s a loss
Best case scenario: it´s a distribution
another scenario: as it´s hitting a resistance level, it could end up being a swing reaction.
2 against one 1, not a bad trade.
Let me know what you think in the comment section. Good luck trading.
Trade closed: stop reached