When it's mainstream and everyone is buying, you wait for a better time. Never go into the mainstream market psychology especially on a stock that really has nothing going for it.
BUT, if you're smart... You wait for an opportunity. You let all the hype quietly fade away. You measure, you wait, you watch for a perfect opportunity to strike.
And I believe that time has come..
A couple of things to understand Wykcoff theory. Whenever price does something out of the ordinary (i.e. channel break out) There is a statistical chance of a wyckoff trading range to develop. Within this trading range, certain rules apply. We have some tools like Fibonacci ratios to determine price and time opportunities.
First we should inspect the descending channel from the top, as you can see, we are about to break through to top of the channel. On another note, we have some major Fibonacci timeframe convergences happening right here as well.
I am personally going in for some calls right here. There is a solid chance of gap coverage and then some.
BUT, if you're smart... You wait for an opportunity. You let all the hype quietly fade away. You measure, you wait, you watch for a perfect opportunity to strike.
And I believe that time has come..
A couple of things to understand Wykcoff theory. Whenever price does something out of the ordinary (i.e. channel break out) There is a statistical chance of a wyckoff trading range to develop. Within this trading range, certain rules apply. We have some tools like Fibonacci ratios to determine price and time opportunities.
First we should inspect the descending channel from the top, as you can see, we are about to break through to top of the channel. On another note, we have some major Fibonacci timeframe convergences happening right here as well.
I am personally going in for some calls right here. There is a solid chance of gap coverage and then some.
Comment:
As you can see, we have a good breakout on GME this morning. I believe this scenario will be coming to fruition.
Comment:
Small TF resolution. Look for a double bottom opportunity on GME for your call options...
I believe 38-39 range will be checked again before the larger breakout happens:
I believe 38-39 range will be checked again before the larger breakout happens:
Comment:
Guys, let me kind of update this so that you guys understand what I'm looking at... And while there may be several difference scenarios, I believe at this point, that this is a bullish sign for GME... BUT, during a breakout of the descending channel (see red trend line), institutions test to see if retail is interested here by creating a trading range... This is what Wyckoff's work unraveled. Here is my honest best to try to explain it to you guys as far as how it's going to develop for GME.
Once again, several different scenarios present themselves. Keep in mind, institutions USE THIS to poke and prod to see what level of interest there is in this stock before they go all in...
Once again, several different scenarios present themselves. Keep in mind, institutions USE THIS to poke and prod to see what level of interest there is in this stock before they go all in...
