We've been ranging for past 4 months, since Nov 2024. Are we in a Wycoff re-accumulation or distribution? If we are in re-accumulation, we could break above creek without taking out the lows. There is another scenario where we take out the lows at 89k, grab liquidity and form a spring. We want to see daily candles closing above the last lower highs of the creek formation.
The other side of the coin is we are in a distribution event, we're going to pay very close attention the next time we head toward the top of the range, we want to see volume coming in and a break of all time high, if we get a rejection and begin closing below again, the probability of a distribution event increases. If we close any high time frame candles below the range low of 85k the probability increases that we fill the inefficiency at the 70k range.
The other side of the coin is we are in a distribution event, we're going to pay very close attention the next time we head toward the top of the range, we want to see volume coming in and a break of all time high, if we get a rejection and begin closing below again, the probability of a distribution event increases. If we close any high time frame candles below the range low of 85k the probability increases that we fill the inefficiency at the 70k range.
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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.