after the great boom payo brought us some great profits. tbh i havent closed anything and i am still bullish on payo.
payo accumulation and bingbongdingdong has been formed for 3 years as of this moment we are attempting to turn previous critical resistance into support.
2 scenerios according to wykoff theory.
1. correction then big money needs to defend its positions and at a reasonable price.
fundementally that could be previous value area high (vah upper white line) because we need to create a new value range it would only make sense to turn vah to the new point of control (poc) or the new value area low (where price is traded the most e.g mid range val bottom area)
another point to consider for the correction is the gap, so previous point of control to turn value area low or a sweep to that level would provide 4 things
first it will close the gap and get rid of that imbalance.
2nd it will shake off weak hands and get rid of breakout traders when it
grabs the single print
3rd it will provide a decent price for big money to enter at.. liquidity liquidity liqduidity.
4th provide the oprotunity for hedge shorting and basically thats more fuel to the upside when said shorts close. (so basically proffesionals get paid to pump the market for free)
2. leave everyone behind everyone whos waiting for the correction. that scenerio is less likely to anticipate, depends more on the company preformance and has less upside for big money that wants to accumulate low and provide big gains.
i believe the first scenerio is more likely that the other one.
the teal circles on the green lines are where i am looking to see reactions for swing fail patterns and adding to my positions
luckily i already have an open position on payo for quite a while now, so im chilling.