GME Currently below Both Supply Zone/Volume Resistance, downwards trendline and below fib extension resistance
Risk:Reward leans towards being bearish, even though I'm rooting for the mother of all squeezes to come.
Bought Puts. Strangle wasn't really worth it, calls are way too expensive in my humble opinion.
My former placing of Wyckoff events didn't take into account, that UWMC never has been through a distribution/markdown phase, thus not having a "PS" event attached to it.
Since it's a new listing, I'm assuming that the accumulation events still are happening - my theory is that we have already seen the spring and test, leaving a much higher PT, with the SOS...
OP Currently retesting the trendline after breakout out - Also testing Top BBand.
If this Holds, 5EMA should catch up by tomorrow, signalling that this short term Uptrend is still going strong.
Friday Gap almost closed, but a complete closing of the gap would be preffered.
Bearish if the retest of the breakout trendline fails.
Seems like a retest of the top of the broadening descending wedge seems fair, taking into account that the market would reach 4.236 fib extension at around +4400 - might move a bit higher with massive market euphoria, then drop drastically afterwards.
Short-term bullish on UWMC, but expecting new All time Lows afterwards.
Seems like a Wyckoff accumulation phase is currently evolving - expecting the following to happen:
1. Hype before Q1 statement, driving prices up - supported by other relief rallies in other SPACS
2. Q1 Statement released, fomo buys made by people expecting 10$ to break
3. Short term...
Not really a cloud-trader, but the recent drop made me look for every TA tool in the book to satisfy my urge for confirmation bias.
Since ICLN announced readjustment of %-holdings, this retest of the Cloud Top makes me believe that the long term uptrend is still intact.
Messed up the the sub-event previously, but after positive FA events, I expect this updated view as a possibility.
Large insider buying recently, and 2 upcoming financial reports only 1,5 months apart could lead to a "Buy the rumor sell the news" followed by "retest of support"/"reaccumulation"/"letting MA's catch up"/"shakeout" - call it what you want, but the...
Kinda seems like textbook Wyckoff Accumulation at this point. Nothing is guaranteed, but a markup phase should be just around the corner.
Also, Bollinger Band Width is extremely low, so there is definitely room for a lot of volatility - which could also be to the downside.
As shared earlier, the RSI(!) showed a Wyckoff Accumulation pattern.
After recent price action, it seems that also the PA is following along.
Major FA-events occured lately, and a good subscription could force a "buy the rumor, sell the news event", driving prices back down to the huge volume-defined base - holding this area, would strongly increase the theory...