Wyckoffs accumulation applied to QBE Weekly. 1-PS buying begins after prolonged down move volume spread widen and provide a signal that the down move is approaching its end. 2-SC selling climax the point at which widening spread and selling pressure usually climaxes and heavy or panicky selling by the public is absorbed (on bad news ). 3-AR automatic rally 4&5 secondary testing try to test area of selling climax for supply/demand. Then massive absorbation volume to take us to the edge of the creek and then more testing @ 7 & 8. Have marked the "Jump" on 9 to breakover the resistance of the "creek". Then 10 & 11 LPS backing up to last point of support on diminished spread and volume after SOS. Probably not a copybook version but following the same rules. The week of the SC was extreme bad news profit downgrades,capital raising panic selling,smart money activity has certainly come in. Have read all of Wyckoff's books Jako good reading have just finished "Reminiscences of a stock operator" also good reading the story of Jesse Livermore more about stock manipulation.
