Though in a long term structure on the weekly and monthly, at the tops of these weekly cycles, we see extended cycles, or an "Unwinding" of long positions.
We are currently in the process of another of these unwinding cycles.
The Willy21MA13 indicator shows accumulation and with a moving average has strangely bottomed out in the same spot over the past 3 years during multiple down trends after long up trends.
Though i wouldn't use this as a buying signal alone, i am keeping my eyes out for hints of a break in market structure.
Though in the current downtrend we are below the blue line i have drawn over the indicator, as it is an , you could expect it to bend back upwards if we see a break in market structure, to be in line with the other 3 bottoms (i hope that makes sense)
We are a couple of bars short of the full 18 bars of the previous two cycles. However, as this range market is slowly contracting (and becoming more range bound) and there was an upthrust in the previous down trend before completion, i feel confident that this market is a spring contracting, about to explode.
I expect a return to a scenario within the few weeks. From there i will be looking for good buying opportunities.