Wyckoff Analysis:
Previous downtrend has stopped and consolidation has been entered into.
Volume has spiked as price tried to break through the support line - spring. Accumulation confirmed and tested.
The entry is actually on the diagonal line that marks the top of the range but the chart can only have a horizontal entry line.
TP based on P&F (close, 0.5, 3) = $1273 roughly.
TP is dynamic and must be monitored as it is approached.
Previous downtrend has stopped and consolidation has been entered into.
Volume has spiked as price tried to break through the support line - spring. Accumulation confirmed and tested.
The entry is actually on the diagonal line that marks the top of the range but the chart can only have a horizontal entry line.
TP based on P&F (close, 0.5, 3) = $1273 roughly.
TP is dynamic and must be monitored as it is approached.
Comment:
SL is about $1253 under the last point of support swing low.
Comment:
Further/price action suggests that the spring may in fact be a UTAD when it left the range above - distribution.