I have been adjusting my view over the past weeks. My main view is that we are in an accumulation phase using the Wyckoff analysis. Sticking to this view we could have seen a back-up (BU) to the last point of support (LPS) at the resistance lines. If this holds we are now seeing the final test of supply around the area of resistance before a more substantial price mark-up. Previously, I felt there could be a harmonic pattern developing with a base at a lower level but the signs of strength (SOS) indicating support for the up move has changed my mind. I will be looking for a break of the 55 Day oscillation channel and the 21 Day oscillation channel to hold to go long.Trying to catch the the more substantial price mark-up.
