Wyckoff trading method, page-1993

No worries, I can do that,

Price has (conveniently) come back to the old trading range from mid 2015 to early 2016.
The two bars from last Thursday and Friday, the first of which was a significantly narrower downbar on high volume, which suggested buying may have arrived. Then the upbar on Friday that followed, which offered some confirmation of the support seen on Thursday.

The chance of a 'V' shaped recovery here is low, but not zero.
Much more likely is a retest of the recent lows at some point, looking for lower volume, to show that supply (selling pressure) has now dried up.
If this is confirmed, it would generally be followed by new sideways trading range to mop up supply for a while, which is intended on drawing out supply waiting above, before a breakout and any sort of new uptrend is established.



cheers