I've seen a lot of people posting about a V-shaped recovery it's more likely we play out a Wyckoff accumulation for the next few weeks and months. Be very careful with the target I produced for the spring I got this target by taking the initial crash and using that on the retracement giving us an ABC correction. It gives us a target of roughly 23k.
The $53 target is the B wave target in a larger ABC correction which is right in between the .618 and the .702 which is exactly where the last retracement back in Wyckoff stopped out right back in August.
Nice! But you can also map out a Wychoff accumulation pattern with phase A starting in June 2021 and our spring was the 25k level test yesterday.
Or not going back that far you can see that as well where again 25k is the spring.
So who knows, only time will confirm whether this was the beginning or the end of the accumulation pattern.
Thanks for the idea dude!
UnknownUnicorn26456470
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@kievanrusbazaar, That's not true but in theory, you could have a smaller Wyckoff within a much larger Wyckoff. This doesn't look like a V-shaped recovery and people are already terrified well imagine just barely a new low after a couple of weeks of sideways price action it would drive people insane. We do need to wait for more data and I have bought just in case we do a V-shaped recovery.
I think you're confusing a distribution with an accumulation. A distribution would lead to a series of slightly higher highs which is what we saw 64K and 69k. I also don't see this wyckoff leading to a new ATH just a retracement to the mid 50s.
Or not going back that far you can see that as well where again 25k is the spring.
So who knows, only time will confirm whether this was the beginning or the end of the accumulation pattern.
Thanks for the idea dude!