Currently unable to provide the usual analysis. Will do so later today (GMT).
Comment:
Phase A: This seems to be hazy due to activity around the flash crash causing wild market fluctuations, however, the creating of range bounds seems to be visible.
Phase B: Several signs of strength are visible which lead back into the range. This gives a suggestion of accumulation. A spring with increased volume should ideally be seen in Phase C to confirm this.
Phase C: High volume spring has taken place. Accumulation seems very likely now. Testing of the lows in Phase D would confirm accumulation.
Phase D: Lows testing has taken place, followed by a low volume rally. A retest would be a good (re)entry.
Phase E: Markup has begun and backing up action around supply line/ice is currently happening. I entered long here with a stop on the other side of the range. If backing up action is prolonged then I may extend my stop - this is a common issue with non-horizontal consolidation ranges.
TP target seems to be in the 148 range according to Point And Figure chart calculations on (close, 0.05, 3). Good reward to risk ration on this trade.
TP range, however, is only a guideline in Wyckoff logic. Market behaviour must be monitored as it nears and we must be able to recognise early loss of steam to TP when it's most appropriate.
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Phase B: Several signs of strength are visible which lead back into the range. This gives a suggestion of accumulation. A spring with increased volume should ideally be seen in Phase C to confirm this.
Phase C: High volume spring has taken place. Accumulation seems very likely now. Testing of the lows in Phase D would confirm accumulation.
Phase D: Lows testing has taken place, followed by a low volume rally. A retest would be a good (re)entry.
Phase E: Markup has begun and backing up action around supply line/ice is currently happening. I entered long here with a stop on the other side of the range. If backing up action is prolonged then I may extend my stop - this is a common issue with non-horizontal consolidation ranges.
TP target seems to be in the 148 range according to Point And Figure chart calculations on (close, 0.05, 3). Good reward to risk ration on this trade.
TP range, however, is only a guideline in Wyckoff logic. Market behaviour must be monitored as it nears and we must be able to recognise early loss of steam to TP when it's most appropriate.