Price has moved away from the resistance line and yearly PP. Price has retested these levels and is now moving away from the resistance and trading range. There is consistent dominance of demand over supply. Signs of strength with widening price spreads and increasing volume and reactions (LPSs) on smaller spreads and diminished volumes is still observed. The 'TDI...
The trading range has been set in phase A of the redistribution (using Wycoff theory) with a selling climax (SC), preliminary support (PS), automatic reaction (AR), secondary test (ST) . Also notice the volume spike at the SC and at the top of the trading range and low volume test of the bottom of the range. We can now expect the corrective structure to develop. I...
There is consistent dominance of demand over supply. Advances (SOSs) are on widening price spreads and increasing volume. The reactions (LPSs) have smaller spreads and diminished volumes. We are at the top of the trading rand and moving away from it. Based on this I expect the mark-up phase to start soon.
As indicated last week we expected to find support at the resistance lines. There is consistent dominance of demand over supply. Advances (SOSs) have widening price spreads and increasing volume. Reactions (LPSs) on smaller spreads and diminished volumes was again seen. We are at the top of the TR. We should see the mark-up phase should start soon.
The USDJPY has made a correction to the ML of the pitchfork setting the trading range during the redistribution phase. If this Wyckoff view of the market holds we could se the market range between these levels well into next year. For now we will be looking for a reaction at the LML of the Pitchfork.
After a long downtrend $MU bottomed out and began a period of accumulation. It looks like $MU is about to enter the mark up Phase E and start a new uptrend. Besides the purely technical analysis, I want to point out that Micron Technology's business is a very cyclical one. About 60% of Micron Technology's revenue comes from DRAM, the rest comes from 'NAND'.The...
The market is again testing the Last Point of Support (LPS). These tests are noted by smaller spreads and diminished volumes. There is consistent dominance of demand over supply. Price has moved to the top of the TR. LPSs in this phase are generally excellent places to initiate or add to profitable long positions. We have reached such a point at the yearly PP and...
To confirm our analysis we are looking for a consistent dominance of demand over supply. Volumes are low in general but up moves are supported by higher volumes (21 day average volumes) and pullback even lower volumes. Price spreads are widening with the up move evident in TDI above 50%. The reactions at LPS are on smaller spreads and diminished volumes. Price is...
Price has moved to the top of the 55 Day OF and has shown some strong price rejection at this level. Volume remains low but the next move down should show some volume and spread increase which would indicate distribution. The range for the redistribution has now been set. Price did not make it to the Pitchfork ML which shows some weakness.
Similar to the NZDUSD pair we are looking for the breakout in Phase E to start of a Wyckoff view of the market. In Phase D if the analysis is correct we should see a consistent dominance of demand over supply. This is evidenced by a pattern of advances (SOSs) on widening price spreads and increasing volume, and reactions (LPSs) on smaller spreads and diminished...
Apparently the mark-up has not started. The NZD is showing weakness with divergence on the TDI and a break of the 21 Day OF. A great analysis by @IvanLabrie () seems to confirm this weakness. So I was too quick to call the start of Phase E. In Phase E if the analysis is correct we should see a consistent dominance of demand over supply. This is evidenced by a...
Now that redistribution has started we had a strong price move up (breaking the 21 Day OF) but not supported by volume. This has now defined the trading range that should develop (grey horizontal lines). Within this I expect some corrective structure to develop. For next week we should be going short after Tuesday.
I have been adjusting my view over the past weeks. My main view is that we are in an accumulation phase using the Wyckoff analysis. Sticking to this view we could have seen a back-up (BU) to the last point of support (LPS) at the resistance lines. If this holds we are now seeing the final test of supply around the area of resistance before a more substantial...
The markup phase has now started. We see a breakout following a 21 day oscillation frequency channel. In next week I expect a markup to the first areas of structure which is also the top of the channel before a correction.
Last week I was still wondering if we would go into the re-distribution phase. We continued to spike down last week to reach the bottom of the 55 Day and 21 Day Oscillation Frequency Channels. We also touched the 100 level but did not break it. There as been divergence on the TDI for some time. With NFP coming in better than expected I think this could indicate...
On the weekly time frame the price has broken the Kumo but the Chico Span still has to break. We could see some consolidation at the final resistance before the final mark up. Looking at the daily time frame the final consolidation before the mark up could occur before the final breakout of the 55 Day Oscillation frequency (OF). The Kenjen sen, Tenken sen and...
On the weekly time frame price and the CS is in now in the cloud as previously posted. Looking on the daily we see signs of strength (SOS) with volume increase after the spring in Phase C. We are seeing a significant back-up after the break of the resistance. After this has completed most likely also on the completion of the Garley Pattern the we will go into the...
Based on the Wyckoff evaluation I have been following the past weeks it is possible that we could be in a redistribution phase for the USDJPY. The previous accumulation phase bounded the market between 105 and 101 and this could occur again. The redistribution could extend to the next fib time zone in February 2017 as measured from the market peek of the...