Markdown begins

I’m just studying Wyckoff. I know nothing. Assume I’m wrong.

To me this looks like the end of a distribution range and the beginning of the markdown phase. Last week I shorted at the LPSY and closed when the price reached support. With today’s price action and volume so far (it’s midday), I think we are seeing sig s of no demand as it tries to move back up to what was support.

Comment:

I placed my stop loss too low and was stopped out of the trade yesterday. The loss was minor: 0.5% of my trading account.

I still believe in my thesis so I entered the trade again this morning. See image.