The
pont and figure clearly shows the preliminary supply on the first move to 93, an upthrust to 96, a sign of weakness to 89 and an
lpsy to 93. It does not get more classic. The simple
Wyckoff count in the course as I remember it is 23 across the 93 line for a move to 73 of 76.
The cash
snp had the two lowest non holiday volume days of the year and they
occurred at resistance. Demand has evaporated and both days were up days. Today we went above the high of the previous 2 bars and closed back in the range of said bars. Lets not get lost in the details, demand disappeared on this rally to a lower high.
As you may have noticed on the daily chart, this week we went above the previous high on June 19th. Does this mean we have a potential uptrend? The answer is of course, but an upthrust today is more likely. This higher high to 93.22 has not occurred in an atmosphere of strength as previously described but in fact in an atmosphere of weakness. The large down bar yesterday was the largest down bar since the move began and had the highest volume, at least on the futures, of any bar that did not occur at the opening or close. In other words this higher high because of the atmosphere surrounding it does not mean we are going up but rather it is an upthrust and means we are going down.
The pont and figure clearly shows the preliminary supply on the first move to 93, an upthrust to 96, a sign of weakness to 89 and an lpsy to 93. It does not get more classic. The simple Wyckoff count in the course as I remember it is 23 across the 93 line for a move to 73 of 76.
The cash snp had the two lowest non holiday volume days of the year and they occurred at resistance. Demand has evaporated and both days were up days. Today we went above the high of the previous 2 bars and closed back in the range of said bars. Lets not get lost in the details, demand disappeared on this rally to a lower high.
As you may have noticed on the daily chart, this week we went above the previous high on June 19th. Does this mean we have a potential uptrend? The answer is of course, but an upthrust today is more likely. This higher high to 93.22 has not occurred in an atmosphere of strength as previously described but in fact in an atmosphere of weakness. The large down bar yesterday was the largest down bar since the move began and had the highest volume, at least on the futures, of any bar that did not occur at the opening or close. In other words this higher high because of the atmosphere surrounding it does not mean we are going up but rather it is an upthrust and means we are going down.
