In a series of trying to nail down Wycoffian patterns I'm looking at a pair I'm holding as bullish. It's possible that the OXTUSD is building a reaccumulation period before moving to higher levels. I have 1USD or higher in mind.
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I'm still learning how to spot the market cycle, but I think that Wycoffian cycles are only second to ML, and accessible to anyone who's willing to inspect the market.
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I think I got the spring wrong. It was just another support test. The spring might be building up now.
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Now there was a real spring, with low support break and low volume. If I'm reading this right, that should be the last we see sub 67 cents.
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I don't know if the spring can take place and still battle through the supports. Maybe it was the first secondary test, and this one might be the third? I need to know more about reading the specific phases…
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I think we may have finally jumped the creek.
PSY - Preliminary supply, where volume starts to flow
BC - Buying climax, where the spreads are high and volatility goes up on max volume
AR - Automatic reaction, After a large move, the market does an automatic reaction, where traders reassess the move, taking profits, and setting support.
SC - Secondary test, where the market goes close to the area of the buying climax and is met with resistance.
Creek - The area between supports and resistances, where price moves in soft price action and lower volume.
Spring - After breaking support, there is a panic session, which, if bullish, springs back into the trading range.
Test - Before moving into higher highs, the resistance from the creek might be tested before volume starts to rise.
Crossing the test with increasing volume is "Jump the creek", which ends in retesting of the resistances and finally breaking into a higher move.