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There's a weekly Wyckoff quiz on Twitter ( @WyckoffAnalysis) as well if anyone wants to weigh in on that one. Typically the quiz is posted Wednesdays and the answers on Friday.
With this one, I see what appears to be accumulation via general Wyckoff principles. The complete lack of progress from Bears is bullish imo. With the Wyckoff Schematic, I see a more convincing/structured narrative that is easier to form a gameplan around:
There is selling in the background followed by a pullback (61.8 percent?) forming a trend channel where price is unable to reach the upper channel line and a distribution pattern can be drawn with SOT, no SOS, an UT and a rising wedge which breaks, is tested and heavy selling brings price to a new low which is a SOW. Till now the bulls didn't make much of a progress and they look weak / exhausted. There will likely be sell orders (liquidity) below. I think the bulls will capitulate eventually and the market will break down. But, anything can happen. I surely can see no signs yet to buy this market but there are some good levels for a buy stop order on a short trade. Trading at the danger zone.
Re accumulation/absorption after an advance. Far right could be considered a BC but price holds gains nicely above 50% retracement. Sellers can't push it any lower because buyers step in at the same spot and keep it from falling further.
hard to say, trend section before the wide range is very short so not enough information/context. overall most likely to test the bottom of the long consolidation and then make up its my mind.
i'd slightly favor the downside break scenario (in red)
