Someone accumulating SHOP post earnings?
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Yet another Wyckoff pattern. I believe this pattern matches the Wyckoff schematic shared in the chart. I am making my list and checking it twice...
Wyckoff checklist:
PS—preliminary support, Done
SC—selling climax, Done
AR—automatic rally, Done
ST—secondary test, Done
Spring - optional, Done
Test— test, ACTIVE. We are looking for a series of higher lows to confirm the uptrend. We have yet to confirm the first higher low.
SOS—sign of strength,
LPS—last point of support,
BU—“back-up”,
Wyckoff checklist:
PS—preliminary support, Done
SC—selling climax, Done
AR—automatic rally, Done
ST—secondary test, Done
Spring - optional, Done
Test— test, ACTIVE. We are looking for a series of higher lows to confirm the uptrend. We have yet to confirm the first higher low.
SOS—sign of strength,
LPS—last point of support,
BU—“back-up”,
Note
In anticipation of the CPI report, SHOP fell into the test range. A buy entry was alerted. CPI numbers were better than anticipated sending the market higher. It provided a nice exit opportunity for a quick long. Next target would be $40.Note
Price Tagged $40. We are looking for a pullback to do some cleanup. We want to see a retracement halfway down the channel that bounces to show there is no remaining supply and prices will soon be marked up.Note
SHOP pattern broke out of the wyckoff consolidation. Current price is ~$60. Thats 100% of the move from the date of posting.
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