Today's lack of follow through has me concerned there is lack of conviction in this recent push. As such, it could be the move up before the drop as I have described would be needed to complete the Wyckoff spring. Make sure you pay attention to how things are lining up at the moment as pointed out on this chart. This includes the daily bullish engulfing candle right before the drop's final leg in February.
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I'm not guaranteeing this will happen, but it is seeming increasingly likely to me. The next couple of days should tell.
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Upon further consideration, the current downtrend's compression has me thinking if it does occur then we may only see a push down toward the 50%-61.8% level, rather than Feb's full 78.6% reach. That would put the wick down to $5450-$5570. It's just enough to set off the stop losses under Feb's low, filling MM's long orders, and fooling traders into scrambling to initiate over-leveraged, under-capitalized shorts. As price rockets back up past those short entries, exchange Web sites will be inaccessible which results in margin calls being the "stop loss" for those shorts. Those traders will scramble to put in longs to cover their losses and catch the ride up thereby creating a stronger catapult in price upward.
We will have to see if this plays out.
We will have to see if this plays out.