Check my minor Wyckoff structure idea inside of this one.
Comment:
Don't pay attention to all of the bullshit excuses for this correction (news and media). It's a natural development that shocked nobody. Elliott waves predicition was pointing to it, Volume and Wyckoff's method too. There is no magic here, no tweet that is responsible. It's just how the big players trade and it's very predictable most of the time.
Comment:
I know because I'm still learning and not long ago I was reading all this crap and living by it. Until I was taught some things and red some books that is. Follow @Mayfair_Ventures . I learned everything from his posts and book recommendations.
Comment:
The minor distribution structure is confirmed.
We'll see how low it will go.
The bigger Wyckoff structure could be:
A) DISTRIBUTION on a larger scale - a serious correction of significant proportions:
1.Pi Cycle Top indicator calling the end of this bull run,
2. RSI in the downtrend range,
3. News are still ridiculously bullish)
B) Re-Accumulation structure with a big spring around 40k because of the confluence of:
1. lower boundary of the Wyckoff structure range
2. 21W EMA, the one line to watch!
3. 0,236 Fib RETRACEMENT
4. the momentum high on the RSI
I wish I knew what the market makers have planned for us this weekend, but all is not hopeless. The new COT comes out today.
We'll see how low it will go.
The bigger Wyckoff structure could be:
A) DISTRIBUTION on a larger scale - a serious correction of significant proportions:
1.Pi Cycle Top indicator calling the end of this bull run,
2. RSI in the downtrend range,
3. News are still ridiculously bullish)
B) Re-Accumulation structure with a big spring around 40k because of the confluence of:
1. lower boundary of the Wyckoff structure range
2. 21W EMA, the one line to watch!
3. 0,236 Fib RETRACEMENT
4. the momentum high on the RSI
I wish I knew what the market makers have planned for us this weekend, but all is not hopeless. The new COT comes out today.
Trade active:
Damn... feels good when Wyckoff and Elliott end up being 100% correct
Trade closed: target reached:
That's it. Elliott and Wyckoff. All you really need. That and not listening to anybody but what you've learned.
