Wyckoff trading method, page-1545

Good job @barret81 , yes single bars can mislead you, look for multiple bars that all say a similar thing (and always watch for the response to each bar, as a form of confirmation). Or put another way, a single weak bar, surrounded by a series of strong bars, would most likely be just some short term weakness (perhaps to flush out some ST traders or something), and unless more potentially weak bars follow, the overall influence would probably remain with the multiple strong bars.

When you commented on resistance...did you mean support ??
(support is usually said to be below the current price, and resistance above)

Finally, I had a quick look at the IIL weekly chart and wrote a few short comments on how I saw the price action.
It is hard to say exactly whether that widespread downbar was really climactic and the following price action a washout or the lows, or whether there was just more supply coming in after that widespread downbar that caused price to continue breaking down. Either way, looking back in hindsight now, it is easy to see where the more serious support came in and finally turned price around.


cheers