Seldom apply Wyckoff Method on Indexes. However, we seeing distribution characteristics that are hard to ignore on the TVC:KOSPI (Weekly). The characteristics provided technical evidence that the index has completed its Distribution phase and is expected to enter the Mark Down phase. Applying Fibo to project downside target objectives.
Good Monday morning, traders, and welcome back. Bitcoin had a quiet weekend ranging with price while nearing completion of its LPS (Last Point of Supply) in the form of a pennant. I believe this to be subwave 4 of the larger wave 1. As such, my expectation is that we will see price reach $8700/$8800 or $9200/$9500, with the latter being an extended subwave 5....
ICX/BTC pulled back like the whole market and it's currently trading at its 0.236 Fib level. Between ~32k and ~34k is a nice buy range. If it falls below that, we might expect a full retracement back to ~28k. ICON actually made a similar Wyckoff distribution pattern earlier this year.
Here's an idea I've been following for a while now on twitter (twitter.com). What if we're in Wykoffs distribution and markup is next? The distribution schematic I'm working from is this - d.stockcharts.com I'm looking forward to options and views on this. FYI. I'm SHORT from $9860.