I hope this helps some Im not expert of trading or anything as everyone no matter how good they think they are has something more they can learn, but Ive come a long way from what my charts used to be they're becoming more and more accurate every time i post as i continue to learn markets and the way they move.
This also works during an accumulation period as well thus why i think BTC is not done going down yet. On the SPX we have a distribution pattern forming with good volume to prove such.
PSY—preliminary supply BC—buying climax AR—automatic reaction ST—secondary test UT—upthrust SOW—sign of weakness LPSY—last point of supply UTAD—upthrust after distribution
Now in this example Ive shown a pre-emptive example of the UTAD where as it could possible be the LPSY or the last point of supply and not continue past the previous UT or Up Thrust
The AR and ST are Lines of support where as the BC and UT are lines of resistance the way the market is acting this looks to be a very typical Wyckoff pattern where as it wont be EXACTLY perfect to the chart Ive given it should make the same movements. so trade wisely if you're not confident in time frames please use only shorting and longing methods on the individual stock instead of the options and I hope everyone is able to make some money cheers all
CryptoLeroy out!
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Ok just to point out the actual SPX chart is on the left the Diagram I have drawn in Yellow is just to show the example and to explain how the wyckoff theory looks throughout the different phases. the placement of the yellow diagram has nothing to do with the actual price of the index itself. The "We are Here" portion is showing where we are relative to the diagram.
Here is the chart without the diagram attached
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so far so good id expect a bounce to be right around the corner to start creating a bear flag
Given the last UT broke highs I'd say we're in phase B end or C. Either way we go down .
CryptoLeroy
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@JacobBernard, eh im not sure i consider it a valid break it wasnt by much the resistance still technically caught it just has a few fomo buyers in there. Im still stick with this chart as it continues to play out. but yes i agree with you were going down
Teklologist
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This goes hand-in-hand with my bearish analysis.
CryptoLeroy
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@Teklologist, good deal glad i could help look at it in a different way aswell. keep up the good work and thanks for sharing