Hi Gypaetus and Jako, For the sake of learning and contributing,...

Hi Gypaetus and Jako,

For the sake of learning and contributing, here's my view on this:

I'm attaching two Charts - a Weekly and a Daily.

Weekly analysis:


Looking at the chart bellow (Weekly) it appears that IPL was in an Accumulation Zone and the Large Volume Bars ( 1-2-3-) were also Large Spreads and Closed at on near the top. This, to me, indicates Support.

There was a Break-out with Intent, moving the Price to a range where Supply could be expected (if you look to the left). This is one of the concepts that Stan Weinstein highlights in this method;

The break-out was then followed by a test and note the Support that came in at (4) where the Spread was Large and finished near the top and the Volume was considerably higher than the last few bars. In a Distribution, the Up Bars are likely to have small spreads, as the Institutions are not the ones supporting the price.

Weekly chart:

We'll now look at the Daily Chart:

This is a slightly different approach to the Wyckoff Method which we are discussing on this thread and my apologies Jako as I don't mean to deviate from the thread but only to look at a chart in a different perspective; hopefully we'll come to the same conclusions and re-inforce the approaches.

1-2-3 may appear to be 3 u-thrusts, which can be quite telling at the end of an Uptrend.

However the up-thrusts of a reversal tend to penetrate or at least seriously test the HL (Higher Low) which, in this case they do not.

I've added the 50 and 100 MAs where you can see the price testing and finding support at the 100MA. The relevance of this was that as the price moved up through the 100MA and the 50 and 100 MAs were alligned, the price needed to have a pull-back for confirmation. You cannot see this on the Daily but it is quite clear on the Weekly if you add the MAs to it.

On this chart alone, in my view the jury is still out but I'd say it is going Up and this is only a Pull-back.

On the Weekly chart, using the Wyckoff approach, I'm even more confident. I believe an entry at Market right now, with a Stop Loss just below $3.40 should hold it.

Cheers and thanks for allowing me here. It's a great thread and Jako a great Master indeed.

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