I had been shorting NIO stock due to the very apparent downtrend as portrayed by the 50 and 100 EMA. However, I noticed that the swings from high to low were getting narrower, signaling a loss in momentum. Throwing some zones on the chart, you can see a small trading range has formed.
I compared the Wyckoff accumulation schematic to the NIO chart. The schematic...
Yet another Wyckoff pattern. I believe this pattern matches the Wyckoff schematic shared in the chart. I am making my list and checking it twice...
Wyckoff checklist:
PS—preliminary support, Done
SC—selling climax, Done
AR—automatic rally, Done
ST—secondary test, Done
Spring - optional, Done
Test— test, ACTIVE. We are looking for a series of higher lows to...
Opposite the Wyckoff Distribution is the Wyckoff Accumulation. This is a sign of buying from big money. It shares many elements of the distribution and is broken into 5 phases. I will briefly outline them below...
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Wyckoff Accum Phases
Phase A: Phase A marks the stopping of the prior downtrend. Up to this point, supply has been dominant. We...
Keeping an eye on that black gold for my best friend @lifeonthewater. Notice the downtrending black channel that oil is in. Its providing a nice trading range for us. A break out of the channel opens the door for oil to run to the top of the range where the dashed line is. We got a monster wick out of the support zone with some fantastic follow-through. Thats some...
Rumors says the Twitter-Elon Musk deal is falling through. It should be a straightforward trade if it does. The stock has been trading in an undeniable descending triangle pattern. I have used previous supports as possible targets and outlined a stop loss above the most recent swing high. Lets do this!
@Steve666 As promised, this is the current outlook I have of SPY.
On the far left, I have the first 5 wave motive count as a downtrend. The wave begins at the start of 2022 and makes 5 waves down. It is then followed by a corrective wave (double bottom). The high of this corrective wave was a little higher than I anticipated and slightly broke the trend but...
I believe AMD is showing positive signs of strength. AMD has taken a beating with the rest of the market and has come down to a major support level at about $86. It has tested this level twice and bounced away from it forming a signature "W" pattern. Should the pattern play out, the projected target is twice the length of the middle hump. The level is calculated...
With today's price action, it seems we have found a short-term bottom. We see a pin bar candle near support, indicative of buyers stepping in. Further, we see this pin bar is supported by volume. This means that not only have shorts begun to cover, but longs have entered the trade as well. Using Fibonacci levels, we can expect wave 4 to top between 424 and 430. I...
