525 3
This is a combination of Wyckoff and price action. There are many names for this rally up to the upper channel line of the bearish channel , such as "Second Entry", "2 Leg Pullback", "Gartley", and of course "Redistribution". I think this shows an important aspect of trading. Even though there are many different methodologies regarding successful trading, at their core they are very similar. The "Second Entry" and "2 Leg Pullback" are terms taken from Price Action. "Gartley" is from Harmonic Trading. And "Redistribution" is of course from Wyckoff. And proponents from all of these methodologies would probably agree that a multi leg pullback within a channel is a high probability pattern for a continuation in the direction of the channel, in this case Bearish . Of course, a break of the high at "X" ( AKA CREEK) would negate the bias, so that is where to put the stop. First Target is AB=CD extension with R:R of 1:1.93. Second Target is at the 1.236 Fib Ext with R:R 1:2.48. There could be support at the ICE level, so this would be a good spot to either tighten the stop or take off a portion of the position. Entry is on a 3 bar swing high, with the close of bar 3 below the lows of both bars 1 & 2. Plus the Wyckoff test, the volume on both the swing high at "B" and "D" are the same, even though the swing high at "D" is obviously higher than "B", indicating no support for higher prices. Good luck to all.

FYI - I am using a Zig Zag (5,1) and OBV only for this analysis.

Thank you for your comment. That is exactly what this community is about, helping each on the never ending development of profitable strategies.
Thank you for this thought. It stimulated me to examine this issue closely, and inspire me to publish a chart on it, but don't know how to link it to this conversation. TradingView will likely bring it to you anyway :)
Using trend channels are good. Nowadays but less traders apply this.
Happy trading!
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