If in fact we are in a wyckoff distribution,
this is how i see us playing out. and here is why
In the first shaded box, we see almost half a dozen attempts, and almost half a dozen rejections.
We tried, and tried and tried.
i would say if we dont break through on monday we will go find support to retry again.
and honestly i see us running right to it and wicking right off that orange resistance line. not through it.
The first dashed line is where i see us getting our first psychologically defended range by the bulls.
which will take us back over the orange line.
We are really just one good roll over from filling that gap. but looking at the gap zone on all time frame.
i dont see us just filling and ripping.
The 2nd dashed line, seemed to be some significant resistance, and one can assume will act as some support for us, and hopefully a true bottom. it is here i would start expecting to see some bullish engulfing candles. on all time frames. but more importantly on the larger ones.
it is from here, that i see us breaking out of this bullish pattern, of a falling wedge.
at these levels, i feel like smaller hedge funds could start to cover, and OR we will enter another accumulation phase, and they will exit at the spring of phase C.
IF you view the amc chart and hit ALT and the letter i ... it will invert your chart. and you can view it as if you were a bear viewing the chart.
The chart looks strong.
all this will be invalid, if we break out of the inverted head and shoulders.
Thanks for reading.
this is how i see us playing out. and here is why
In the first shaded box, we see almost half a dozen attempts, and almost half a dozen rejections.
We tried, and tried and tried.
i would say if we dont break through on monday we will go find support to retry again.
and honestly i see us running right to it and wicking right off that orange resistance line. not through it.
The first dashed line is where i see us getting our first psychologically defended range by the bulls.
which will take us back over the orange line.
We are really just one good roll over from filling that gap. but looking at the gap zone on all time frame.
i dont see us just filling and ripping.
The 2nd dashed line, seemed to be some significant resistance, and one can assume will act as some support for us, and hopefully a true bottom. it is here i would start expecting to see some bullish engulfing candles. on all time frames. but more importantly on the larger ones.
it is from here, that i see us breaking out of this bullish pattern, of a falling wedge.
at these levels, i feel like smaller hedge funds could start to cover, and OR we will enter another accumulation phase, and they will exit at the spring of phase C.
IF you view the amc chart and hit ALT and the letter i ... it will invert your chart. and you can view it as if you were a bear viewing the chart.
The chart looks strong.
all this will be invalid, if we break out of the inverted head and shoulders.
Thanks for reading.
