I have posted the picture to a full Wyckoff schematic on the top right of the chart! Notice that we are currently at what could be considered the sign of weakness in phase B and could rally to the high of the range on this trend break! You can see the support of the entire consolidation can be formed off of the point we are at. Phase A outlines the support and resistance and it formed accurately as you can see! the remaining points in the schematic are definitely to be considered, however this market environment has been known to form phase A very clearly and other points and phases sometimes can seem exaggerated or falter in the following phases so I will be watching for common similarities with recent wyckoff playouts on the short term as well!
Notice the arrows pointing to the blue and white line, I am very interested in returning to it on the short term, readjusting the position size at that time may be of interest! A break of the red yellow can invite a retest, this could be part of the relationship with the blue and white line!
Although the current point in the schematic suggests a move to the upside, the entire pattern itself is known to reverse momentum and break the existing trend on phase E, In this case it is a daily chart and can mean a very long term process so it can take some time to progress through to phase E! I will consider the phases as they form and I encourage you to track this with me!
Notice the arrows pointing to the blue and white line, I am very interested in returning to it on the short term, readjusting the position size at that time may be of interest! A break of the red yellow can invite a retest, this could be part of the relationship with the blue and white line!
Although the current point in the schematic suggests a move to the upside, the entire pattern itself is known to reverse momentum and break the existing trend on phase E, In this case it is a daily chart and can mean a very long term process so it can take some time to progress through to phase E! I will consider the phases as they form and I encourage you to track this with me!