To update the above chart with Wyckoff logic (as I understand it).
No Fib anything this chart, just reading price action, drawing lines & predicting the future...
I'll do my best to improve my lack of proof reading, I really struggle with this...
Amos taught me to always ask... "What's our current level of knowledge" (LOK). Lets begin..
Weekly, November 19th price went into a range. Dec. 16th formed its high.
We identified a spring on Jan. 13th. & price began to rise.
Jan. 24th gave us an UT - I was anticipating a move below the 13th spring
WHY? Weekly we are at the Fib. 200% ext. I'm looking for a change of trend at this area.
Jan 31 was a re-test of the UT (typical Wyckoff logic) only to form a spring on Feb. 2
Puzzled I ask? We have a spring after an UT Bullish behavior - were going back up to test the UT? OR make new highs?
Amos had a saying... IDKNMT (i don't know, need more time) so we wait for more information.
Feb. 17th I thought we were forming a springboard, for a move above the UT. Only for the market to give us another UT.
This UT was clearly terminal (UTAD), as evident by the reaction after leaving the potential springboard formation.
Best of trades to everyone !!
Were NOW fully in a sell program!!!!
The markdown was immediate and swift. No looking back. Weak longs are trapped and need to cover, further
accelerating the UTAD reaction. Cementing David Weis, The greatest Wyckoff trader I've had the pleasure of meeting.
He pounded the table. Buy all springs - sell all UT's. I regress sorry.... Miss ya David!!
The Mar. 13th low gave us a bearish hinge, with a break Friday. I didn't place it on the chart. Look left across the
abyss you'll see a FVG Wed. Sept. 24th the 2pm bar, they act as TRUE support OR resistance. Top of the hinge is a another one.
As traders we are in a sell program!!
We all have different eyes, as it should be. As always, trade what you see and understand!