Yet another Wyckoff pattern. I believe this pattern matches the Wyckoff schematic shared in the chart. I am making my list and checking it twice...
Wyckoff checklist:
PS—preliminary support, Done
SC—selling climax, Done
AR—automatic rally, Done
ST—secondary test, Done
Spring - optional, Done
Test— test, ACTIVE. We are looking for a series of higher lows to confirm the uptrend. We have yet to confirm the first higher low.
SOS—sign of strength,
LPS—last point of support,
BU—“back-up”,
Wyckoff checklist:
PS—preliminary support, Done
SC—selling climax, Done
AR—automatic rally, Done
ST—secondary test, Done
Spring - optional, Done
Test— test, ACTIVE. We are looking for a series of higher lows to confirm the uptrend. We have yet to confirm the first higher low.
SOS—sign of strength,
LPS—last point of support,
BU—“back-up”,
Comment:
In anticipation of the CPI report, SHOP fell into the test range. A buy entry was alerted. CPI numbers were better than anticipated sending the market higher. It provided a nice exit opportunity for a quick long. Next target would be $40.
Comment:
Price Tagged $40. We are looking for a pullback to do some cleanup. We want to see a retracement halfway down the channel that bounces to show there is no remaining supply and prices will soon be marked up.
Comment:
SHOP pattern broke out of the wyckoff consolidation. Current price is ~$60. Thats 100% of the move from the date of posting.