Hi @gurnz1 I can see what you are getting at and why, and...

Hi @gurnz1

I can see what you are getting at and why, and possibly on an intraday (shorter) timeframe it maybe could be justified.

And yes the labels you put on are pretty fair (although I don't really like the Preliminary Support one very much).

However, if that was really a climactic low (SC), it should the 'The' low of the recent range, but if you pan out there is trading immediately below it from January this year, so actually in this context (daily), it maybe more like a re-accumulation zone.
(also just remember, the standard Wyckoff schematic (below) is the 'text book' perfect price action and situation, and in the real world things are not always text book perfect....if it was that easy 'everyone would be doing it (haha). that said, sometimes there are textbook perfect situations.......So yes, overall you just need to learn and understand this stuff, and if you see a principle, act on it.)



Here's the daily......



Here's the 2hr intraday chart, and if a line is drawn across the Automatic Reaction (rally), and you can see that after a pullback and a brief false start, price broke out above it, and that current pull back looks like a test of the breakout.




and finally,
the oilers, especially the producers, usually (often anyway) trade inline with the POO, and on the daily comparison chart, STO was previously trading very closely aligned with the POO, but is currently trading considerably weaker than it.




cheers