After following the markup in 2020 - see posts below - we have seen a distribution trading range in our previous post. Now this markdown is set to gain momentum with high volume selling taking place. Today's reversal bar confirms the basis.
What wyckoff schematic are you using here? Also, do you think Oil will be dropping soon also?
SteynTrade
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@El-Nino, I follow the approach as described by the Wyckoff Analytics Team you can see idealised schematics at wyckoffanalytics.com/ You can dm me if you want to chat about the approach a little or the indicators on the chart. Oil has reached an important resistance level. For now, on the weekly timeframe, I think we should for a trading range at this level and we can then see if it is distribution or accumulation. On a daily, we are at a one month low and we may have a little rally to form the trading range. I do see selling occurring think the weekly trading range could develop into a distribution trading range.
Thinus5422
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Thank you for spot on analysis and great chart . Appreciated.