SPX500 EW and Wyckoff: The top is in

Update to a previous idea.

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Check it out!

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Made this on mobile. One can strongly argue for a Wyckoff distribution phase with UTAD (up thrust after distribution) where Jan ‘18 is PSY (preliminary supply) and October ‘18 is BC (buying climax). However, my issue with this, and why I didn’t originally chart it this way, is that buy volume peaked in January not October. Still, this makes a good companion chart to original.

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What a day! SOMEONE is certainly trying hard to keep this market up. Regardless, bearish signals keep emerging.

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Interesting...

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Looks like price is technically still in UTAD phase C given the subsequent bounces off UT and BC prices. Price should proceed by dropping far below BC price line.
pbs.twimg.com/media/Dc3dgj9X0AcLkCC.jpg

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Still overall bearish, but price could rally short term. Depicted structure could be an ascending triangle (bullish) or rising wedge (bearish). Very shallow slope of top line. Based on smoothed Helkin Ashi candle price, not actual close price.

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Pattern is the focus here. Time period could be inaccurate. Follows Wyckoff distribution.

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Also, chart is based on smoothed HA candle indicator. Therefore actual price will be higher/lower than indicated prices.

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Might as well share this here too. First published this concept as an idea in April. Here it is but via smoothed HA candles.

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Comparison to 2000-2008 and EW count based on a volume profile. Both corroborate top is in.

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See that volume profile rise and price start to retrace. Price confirmed downwards breakout.

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Inverted price scale.

Teklologist

Related publications

SPX500: Wyckoff and EW

by Teklologist

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