I bought the spring confirmed by volume. High close with good volume following an attempt to sell off the fresh high. The buying emerges on a potential support following what appears to be a strong accumulation pattern.
Monthly Bias is down. Notes on the chart. Excited to short this market :)
Increase of supply with decrease of price, characteristic of distribution. Price action is high volume upthrust - in a long term downtrend - at an area where aggressive selling took place.
Classic Wyckoff short. Will look for entry on lower time frames.
After making a fresh low in late 2016, G/N rallies into a logical area, the low of the May 2015 break out bar - now resistance. The October 2018 bar makes an upthrust of this year's consolidation, also rejecting the lows of the May 2015 break out bar. This year's consolidation pattern appears to be distribution. Monthly bias is down. The daily chart shows a...
