IXC (ASX) IXC chart

Originally posted by JabraD: ↑

Update to my weekly chart - 19.02.2023

Weekly

Seems stopping volume is coming in around here and buyers stepping up. We had an inside candle this week. I'm now waiting for the RSI to slowly creep up with price going sideways then one more push for stops and reverse (creating positive divergence). Thats usually the best reversal pattern you can get. Example something like this would be nice

Please note the above is just an example and any bit of decent news (like a new indication) could just pop it as the area we are in is decent horizontal support and been respected several times (bottom of accumulation phase lowest risk to buy). Like I said we need to get above 64-65 cents IMO and we should see a decent move up after that.

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I take you back to the old Wyckoff Method of accumulation phase where he indicates the final phase of the accumulation phase is the spring phase, which in this phase, the price will perform a hard test of recent lows that will mislead traders. After watching the spring, average traders will consider the market trend bearish and start selling trades. However, the price should show a swing failure pattern and move up after a shakeout.
Considering the velocity of this sell off, this could be the final move down, fooling/scaring retailers (misleading traders) whilst the instos off screen absorb, testing the last of the supply before a rapid move back up. Ill be watching this week for volume to rise (like last week) but price not moving. If you believe in the stock fundamentally this rapid move down should no stray you from panic selling. As they say, close the computer walk away and give it a couple of months on bios, don't get caught on the day to day movement as it'll throw off a lot, especially this low liquid stock.

Finally Ill finish with the GBLX CURE ETF which essentially is the following: Global X S&P Biotech ETF (CURE, formerly ETFS S&P Biotech ETF) is an exchange traded fund that provides exposure to U.S. healthcare biotechnology companies. These companies are engaged in the research, development and manufacturing of products based on genetic analysis and genetic engineering.
Markets in general took a hit this week but considering how much the CURE has already been hit no really affected. Value in bios and hopefully money starts moving across to here

Like last week, I don't expect much this week. I noticed the big cross trade of 800k on close so maybe the selling volume will drop. I expect price to further consolidate, lets see.

Anyways good luck, till next weekend!

Expand

Update to my weekly chart - 26.02.2023

Weekly

As expected another sideways week where they will try and reset RSI. The higher the RSI goes without price action moving the better.
Considering they continue to keep it around here it looks to me that they would like to push it down one more time and test the remaining supply + creating that positive divergence
I'm still playing it on the basis of the chart below unless I see otherwise.

It lines up to the Wyckoff Method and is a good tactic that instos use to get their fill. Anyway we wait and see (see below Wyckoff Method)
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I take you back to the old Wyckoff Method of accumulation phase where he indicates the final phase of the accumulation phase is the spring phase, which in this phase, the price will perform a hard test of recent lows that will mislead traders. After watching the spring, average traders will consider the market trend bearish and start selling trades. However, the price should show a swing failure pattern and move up after a shakeout.
Considering the velocity of this sell off, this could be the final move down, fooling/scaring retailers (misleading traders) whilst the instos off screen absorb, testing the last of the supply before a rapid move back up. Ill be watching this week for volume to rise (like last week) but price not moving. If you believe in the stock fundamentally this rapid move down should no stray you from panic selling. As they say, close the computer walk away and give it a couple of months on bios, don't get caught on the day to day movement as it'll throw off a lot, especially this low liquid stock.

Also refer to Wykckoffs Market Cycle
Would we be considered accumulation phase? I think so

Overall markets were a bit shaky this week
XJO - all week was trying to defend that 7280 level, potentially has room to go to 7210 IMO

SPX - backtested the original breakout spot last night and held

XEC - ASX Small caps still consolidating

Finally Ill finish with the GBLX CURE ETF which essentially is the following: Global X S&P Biotech ETF (CURE, formerly ETFS S&P Biotech ETF) is an exchange traded fund that provides exposure to U.S. healthcare biotechnology companies. These companies are engaged in the research, development and manufacturing of products based on genetic analysis and genetic engineering.
Markets in general still taking a hit but the CURE is not budging

Biotech ETF took more of a hit

Like last week, I don't expect much this week again just further consolidation (reset RSI). Need some news, to change sentiment.

Anyways good luck, till next weekend!