AMC -- Accumulation In The Spring
Just something I noticed looking at the chart was how the cascade down on Tuesday and the price action that followed set up very much like a Wyckoff accumulation. Here are two potential paths for this small timeframe local accumulation:
Yellow = what it could look like if the accumulation dips into a spring. I can see this being Composite Man's ultra cruel way to really making folks freak out before The Holidays. How low can he push it without screwing himself? Because that's how low I expect him to go. He's hunting for pennies, now. My guess would be the local accumulation spring dips into the $25 range. Enough to spook the last hodl-ers he can into selling.
Blue = what we all hope after hearing Yellow is possible. Right? We hope that it comes back up to the top of local resistance (which happens to also be the bottom of the support zone from the Reaccumlation After Shakeout we've been in since June, that green dotted line) then consolidates to an LPS and begins to turn the corner.
Timeline, here, is irrelevant. As I said, this is nested within a small phase in a larger accumulation. I don't expect it to take that long. I eyeballed it (on the main chart, link below) as we're moving up by Dec. 15. Some people I trust believe we may have already seen the Phase B sell test, so don't put faith in timing on this. I'm sharing simply to set an expectation on the kind of movement I'm expecting to see.
Yellow = what it could look like if the accumulation dips into a spring. I can see this being Composite Man's ultra cruel way to really making folks freak out before The Holidays. How low can he push it without screwing himself? Because that's how low I expect him to go. He's hunting for pennies, now. My guess would be the local accumulation spring dips into the $25 range. Enough to spook the last hodl-ers he can into selling.
Blue = what we all hope after hearing Yellow is possible. Right? We hope that it comes back up to the top of local resistance (which happens to also be the bottom of the support zone from the Reaccumlation After Shakeout we've been in since June, that green dotted line) then consolidates to an LPS and begins to turn the corner.
Timeline, here, is irrelevant. As I said, this is nested within a small phase in a larger accumulation. I don't expect it to take that long. I eyeballed it (on the main chart, link below) as we're moving up by Dec. 15. Some people I trust believe we may have already seen the Phase B sell test, so don't put faith in timing on this. I'm sharing simply to set an expectation on the kind of movement I'm expecting to see.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.