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The big down move between 1500 to 1630 could be a selling climax looking at the Weis Wave. I see no SOS since the SC but price tests the bottom of said SC and a decent rally ensues which could be considered a SOS itself. Price does make a HH on that last up move but volume doesn’t increase so I’m suspicious. There hasn’t been enough time for buyers to accumulate what supply is left so any significant up move would need higher volume.
It would possibly be a little early for me to enter long and I would only enter if price pulled back to the top of that most recent trading range on lighter volume.
I’m gonna say up even though it looks like we are still in a downtrend, it may have bottomed.
Secondary test of the lows on reduced volume = bullish. In terms of being within the Wyckoff Schematic, I'd call it a minor spring. It is followed by a consistent rally to the opposite end of the range which reaffirms that the test of the lows could be the bottom.
It's a blend of regular trading hours + off-peak hours again so the volume comparison on the retest isn't Apples to Apples imo. Edit: I think this is an instance where WeisWave would smooth out the noise of off-peak trading, but since I don't use it, I'm thrown off a bit.
Overall though, I'd call it bullish, but I wouldn't be surprised if it hit 115.250 & retraced to 115.150 before pushing higher. Kind of like some BUEC-action to absorb overhead supply
After a move down like that, I would expect to see a larger/longer range develop, and there doesn't seem to be much conviction on the up move, so I think another leg down would be the most likely scenario.
The trade is a classic change of behavior trade with Weis Wave. After climactic selling volume, there are multiple failed attempts to make a new low on minuscule volume. The last upwave has increased length, duration and volume. This change of behavior is confirmed by low volume pullback at the resistance level.
Most of my Flashcards are VSA-specific (an offshoot of Wyckoff methodology) but when I get some time, I'll try and create/share a deck of cards that are Wyckoff specific for those that want to try their hand with Wyckoff more frequently.
Prior @rgakalo quizzes and his post-reveal explanation - Created one Flashcard so far for testing purposes
The flashcards use the free flashcard software, Anki. It is very powerful and popular among med school students and people learning new languages. There are a LOT of tutorials on YouTube if you get stuck.
Download the Wyckoff flashcards to your desktop version of Anki. Click the sync button to save the flashcards to the cloud.
Complete the Flashcards within the Anki Desktop App or use your Anki login at ankiweb.net to complete the Flashcards online
[Optional] Android has a free app for reviewing flashcards on mobile devices (that's what I do). iPhone users have to pay $20.
The flashcards are pretty straightforward for anyone who has been using Wyckoff for more than a month straight. If you are brand new to Wyckoff, you should read the previously mentioned resources first, and then use the flashcards to strengthen their memory/understanding.
