Wyckoff Consolidation

20 בינו׳ 2022

Riding the fence tonight providing a couple of options for price movement. This is looking like a really nice Wyckoff consolidation pattern but time will tell whether it is accumulation or distribution. The effort (ie volume) is in the red candles with increasing volume vs decreasing volume on consecutive green candles. Personally I think this is a massive accumulation range that will continue upward long term but for now will be sideways trading. Pricing is respecting channels so far so there are opportunities if you can handle any draw down. From an Elliot perspective, this is looking like an impulse wave and in the middle of Wave 3. Wave 1 was a big one so will see how this shakes out. Impulse waves are 5 wave patterns that can exist as Wave's 1 3 or 5 on impulse waves or Wave A and C on corrections. Personally I think we are in a Wave C correction going down.