My base case at the moment is Wyckoff Accumulation Schematic #2, where the Secondary Test (ST-B) could mark the very bottom. This idea will be validated for me especially if we see interaction with the High Time Frame Channel projection.
Green Zone:
We have multiple levels of confluence around this zone:
Blue Zone:
If price drops as low as VAL, I expect it to be just a quick, volatile wick breaching into the Blue Zone.
High Time Frame Channel projection:
Green Zone:
We have multiple levels of confluence around this zone:
- 0.786 Fibonacci Retracement from the 2020 low to the 2021 top
- MO – Monthly Open level
- Volume cluster from previous local consolidation
Blue Zone:
If price drops as low as VAL, I expect it to be just a quick, volatile wick breaching into the Blue Zone.
High Time Frame Channel projection:
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