Wyckoff trading method, page-524

Only four more bars to get up to date....so here goes....



1- Price initially attempted to move higher, but eventually closed poorly.
Volume was not especially high, so the supply does not appear too serious

2- very similar to bar #1, just holding on above the 3.7cps line, and once again supply is not particularly strong.

3- A widespread down bar, quite similar to the bar seen earlier as a potential shakeout (marked on the chart)
Volume increased a little, but was not excessive

4- this bar is up in response to bar #3, which suggests there was buying or support in bar #3, sort of like another shakeout.
It was a little disappointing that bar #4 did not close back above the 3.7cps line, and preferably above the high of Bar #3 (@3.8cps), which would have been much more short term bullish.  Whether this mean price will again dip lower to test, remains to be seen next week.
But if you merge both bar #3 and Bar #4 together in your head, it makes a fairly nice looking shakeout (over two bars), so a positive response to this early next week (to above 3.7cps, or better still above 3.8cps) would be potentially bullish.

To my mind, the 3.7cps line is the important level in the short term on the chart.

cheers