Wyckoff trading method, page-588

Warning Zandaya, this post has my chart and comments so no peaking.........

Ok here it is.....I have posted this now as I wont be around for the rest of the day....look forward to talking about that chart in the next couple of days...
Cheers
GF

SXY For Analysis 16.3.2016
Daily chart - last 7 bars looked at numbered 1 to 7

Overall Summary prior to the start of those 7 bars……see chart below

Late Jan 16 to roughly around Jan 26th, SXY had been in a sideward trading range. It was in here that the CO was accumulating, before a Stage 2 breakout. Casting an eye across the whole chart shows that demand has been present. From about the 26th Feb the CO decided that he/she was ready to begin the mark-up phase. This can be seen where the arrows are located. So prior to our 7 bar analysis there was already strength in the background.

Starting at Bar 1 that was a gap open on massive volume that closed on the days high. Not a bad reward for effort. The close suggested that the previous strength already shown in the chart was continuing, well that was what retailers were thinking. Next morning SXY gapped open higher however waiting in the wings were sellers whom dominated proceedings pushing down any attempt from buyers to take price higher. Volume that day was the highest recorded on my chart, excessive really and a red flag. As price closed lower than the open this was a signal weakness was entering. Bars 1 and 2 combined should have also alerted traders that a 2 bar reversal was likely. Day 3 and weakness was confirmed with a gap down at open and selling pressure continued. Buyers and Sellers battled with price closing above the days low, suggesting there was some absorption, and potentially signalled to the CO that supply at that price level had dried up. Volume was still excessive.
Next bar was a narrow up bar on much lower volume, followed by another lower volume narrow spread bar. Buyers have been unable to push the price higher, so perhaps a No Demand as the spreads were minimal, on lower volume, closing in the mid of the bar. So perhaps the CO or other CO’s were not so sure about their current position of SXY. Bar 6 and how would the selling pressure be described here? The bar opened on the potential resistance zone and supply overcame demand with volume slightly higher than the previous days. Last bar had a bit of a buyer rally in it as price bounced higher off the potentially lower resistance zone to close higher around the overhead supply zone on average volume…..I think looking at that area that it was perhaps being propped up by the CO as price kept on respecting the demand area. Perhaps they were buying to keep the chart looking bullish?

So where to now?
Cheers
GF