The massive volume spike in the 2nd move up didn't materialize into a rally and failed to intermediate support (POC). This PA is a major criteria for a rev sym triangle setup.
To confirm this setup, price needs to move up a third time and fail roughly at the red box (the red box is also a major pivot). Price won't move in a straight line, could fall to 6K and...
Left: appears to be a double top forming
Right: local diamond top pattern + bearish triangle / or bullish diamond half-staff (needs to break through resistance for confirmation)
no trades yet, needs to start rolling over first for proof
Classic Wyckoff setup. So good.
5-year downtrend led to a Selling Climax, which was followed by and Automatic Rally.
Accumulation period was 1 year.
Spring and Secondary Test followed to start the new rally.
Signs of Strength and LPS combo = rally
"A series of SOS’s and LPS’s is good
evidence that a bottom is in place and Price
Markup has begun."
Wyckoff analysis for $silver $xag
5 years of selling between 2011 and 2016 led to a Selling Climax (bottom). An Automatic Rally followed, which set the ceiling for the accumulation range, i.e., between $18.5 and $21.
Ongoing, very long Accumulation Phase, to date. Wyckoff fundamentals suggest the longer the accumulation phase, the longer the rally.