Xlmusd possibly has begun Wyckoff Distribution. To confirm, price must close below bottom orange horizontal line.
Distribution can play out many ways. This chart depicts one such way by assuming an ABC type correction in descending parallel channel with indicated target price.
Distribution can play out many ways. This chart depicts one such way by assuming an ABC type correction in descending parallel channel with indicated target price.
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Apologies to anyone that finds the language offensive. My intent with this and similar titles is to distinguish ideas that present exemplar Wyckoff patterns.
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Meant to point out that a Cup N Handle would be formed if this pattern completes as charted.
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Another pattern, falling wedge, to track. Could break above or first dip below to touch .618 before it rises.
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Falling wedge continues to play out. Horizontal lines and fib based on Daily close values but the line chart and falling wedge are based on 4 hr time frame.
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As described in update idea, possible that distribution has ended. Here’s chart but see update for some other context.
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Keep in mind based on idea’s original chart that this pull back was expected. Could still be distribution. Though, looks like also there is an accumulation pattern. The 45 min chart shows a valid parallel channel break (3 touches each side).
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If you haven’t already, check out my Distribution Update linked to this idea.
