Wyckoff Analysis:
Previous markup channel is obvious.
A: Not a huge increase in vol. after selling climax suggests reaccumulation.
B: Change of character suggests cause being built. Vol. decrease on SOS (sign of strength) and increase on dip (spring) gives away (re)accumulation confirmation.
C: Spring shows highest vol. signature.
D: Low vol. rally away from spring into BUI (backing up into ice)
E: Markup to begin.
Point and figure chart calculations place TP range between $56 and $62. The exact TP will be decided once the range is closed in on and I can see new consolidation forming.
Previous markup channel is obvious.
A: Not a huge increase in vol. after selling climax suggests reaccumulation.
B: Change of character suggests cause being built. Vol. decrease on SOS (sign of strength) and increase on dip (spring) gives away (re)accumulation confirmation.
C: Spring shows highest vol. signature.
D: Low vol. rally away from spring into BUI (backing up into ice)
E: Markup to begin.
Point and figure chart calculations place TP range between $56 and $62. The exact TP will be decided once the range is closed in on and I can see new consolidation forming.
Comment:
Using point and figure charting, TP area has now been calculated. Potential retest line and volume peak on spring has been added for easier understanding.
Entry expects some drawdown to fill gap between then and previous day.