No evidence of supply nor distribution
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3d footprint
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low swept
expect to see strong close on daily with light volume to confirm "spring"
53-55k by monnday.
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LTF
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This whole schematic is the premise of the BC (Buying Climax) starting the sequence of events. The following is the definition of a Buying Climax per Wyckoff.Buying Climax (BC): The climax ending an uptrend is called a Buying Climax because it is the end of the condition where the buying is stronger than the selling. The buying gradually builds up & builds up and finally comes in with a RUSH and EXHAUSTS itself on the buying climax. The buying climax has increased volume and a widening spread as it moves up. Following a buying climax one of two things can occur, either a (AR) or a lateral move. This in turn is followed by one of two things: either a continuation of the uptrend or a Secondary Test (ST). If the supply is to weak to drive the stock down or demand to strong to allow it to go down instead of having the (AR) the stock will have the lateral move. Usually however, it will have some form of an (AR). That (AR) may have increased volume, heavy volume or no volume. It may have wide price spread, or relatively narrow price spread.
We DID NOT have increased volume into the BC - (Buying Climax) as marked by the red arrow. If I would have seen this volume blow off, this schematic would have been followed much more closely.
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The million dollar question is whether we have had a SOW (Sign of Weakness), and a LPSY (Last Point Of Supply). Or we are in reaccumlation, and just had a Spring. I think volume is the key here. If it is a spring and we are headed higher, then we need to see good volume come in here to the upside. If we get no volume and our indicators deteriorate quickly, then it cold be a more meaningful LPSY. Then we could see more downside, before we reaccumulate and head to new all time highs.Заметка
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