Some plausible hopium for your Sunday night incoming.
It's possible that we're in a Wyckoff Accumulation range right now as I'll outline below. Note that I've charted using Heikin Ashi as it paints a clearer picture on this. I've drawn roughly what you'd expect to see from here if we are in an accumulation range:
Phase A:
Selling Climax (SC) formed by an intense selling activity as investors capitulate. Strong drop quickly reverts into a bounce or Automatic Rally (AR)
Secondary Test (ST) happens when the market heads back near the SC region as a test confirming whether the downtrend is really over or not. Trading volume should be noticeably lower. Often the ST will form a higher low than SC but this isn't imperative.
Phase B:
'The Cause that leads to an Effect' - essentially, Phase B is consolidation where Smart Money is accumulating again. There may be multiple ST's during Phase B with the potential for higher highs and lower lows in relation to SC and AR from Phase A.
Phase C:
The Spring - essentially the Bear Trap before moving toward higher lows. The Spring should trigger stop losses from people who have entered during Phase A and B lows. Smart Money back at it again faking out retailers like us making us think we're heading low keeping us on the side before moving up. Note that a Spring won't always occur during Accumulation.
Phase D:
'The transition between the Cause and Effect' - expect an increase in trading volume and volatility. Usually a Last Point Support (LPS) making a higher low before the market moves higher. The LPS often precedes a breakout of resistance levels which creates higher highs. This is an indication of Signs of Strength (SOS) as previous resistance becomes support.
Phase E:
Evident breakout of the trading range, caused by increased market demand. The trading range is effectively broken, and the uptrend begins.
Wouldn't mind some support on the idea at https://www.tradingview.com/chart/BOT/JNobuCR2-BOT-Wyckoff-Accumulation-Schematic/ - also, if you want to follow to see how the idea plays out here we go.
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Last
42.5¢ |
Change
0.000(0.00%) |
Mkt cap ! $770.9M |
Open | High | Low | Value | Volume |
43.0¢ | 43.3¢ | 41.5¢ | $2.522M | 5.956M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
16 | 438567 | 41.5¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
42.5¢ | 219437 | 9 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
16 | 438567 | 0.415 |
11 | 608485 | 0.410 |
14 | 732949 | 0.405 |
20 | 505050 | 0.400 |
8 | 276540 | 0.395 |
Price($) | Vol. | No. |
---|---|---|
0.425 | 219437 | 9 |
0.430 | 896821 | 9 |
0.435 | 302163 | 7 |
0.440 | 410819 | 8 |
0.445 | 346589 | 9 |
Last trade - 16.10pm 12/09/2024 (20 minute delay) ? |
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