Been meaning to share this for the last week or so when I mentioned I'd do a Wyckoff analysis... well here it is.
Let me just state that I am NOT claiming to be a Wyckoff expert and you will see many different versions of this soon I'm sure, but I've been sharing these for the last few years now and have come to recognise these similar patterns play out across multiple time frames and right now on the 4h, it's hard not to see this.
I've shared my current Wyckoff re-accumulation chart here and compared to my Jan 2020 analysis back when we were at 8k.. there are a lot of similarities, as you would expect of a true accumulation zone.
One thing to remember though is that different market conditions and different players in the game will always see a slight variation of the "traditional" accumulation/distribution range. So we look for similarities in all patterns, not exact matches..
Hard not to see the similarities playing out... Due to us not staying below that big psychological number at 30k.. I feel we now in a re-accumulation range.
Let me just state that I am NOT claiming to be a Wyckoff expert and you will see many different versions of this soon I'm sure, but I've been sharing these for the last few years now and have come to recognise these similar patterns play out across multiple time frames and right now on the 4h, it's hard not to see this.
I've shared my current Wyckoff re-accumulation chart here and compared to my Jan 2020 analysis back when we were at 8k.. there are a lot of similarities, as you would expect of a true accumulation zone.
One thing to remember though is that different market conditions and different players in the game will always see a slight variation of the "traditional" accumulation/distribution range. So we look for similarities in all patterns, not exact matches..
Hard not to see the similarities playing out... Due to us not staying below that big psychological number at 30k.. I feel we now in a re-accumulation range.
Note
As mentioned in my comments below, my previous Wyckoff area was invalidated and admittedly I should have had a little bit more patience with expectations of reclaiming 40k so far. Today's open will be telling depending on what Asia wants to do, but so far we're starting to look more and more like a true accumulation.
Note
Previous Wyckoff chart after 1st chart invalidations3.tradingview.com/snapshots/a/AWlsxNTj.png
Note
Moving as anticipated
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.
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.