yep, that is a spring, it may have been more clear on a larger timeframe, but it is certainly a spring.
A spring is seen when price dips below a previous level of support, but rejects failing and going lower, and instead recovers its position back above the support level again...... and is considered a 'successful spring' when the next completed bar closes higher.
Just remember that springs are most powerful in an uptrend, or at the very end of an accumulation zone,
and are least powerful in downtrends, or immediately after serious weakness (selling) has occurred.
So they are not all the same, and have differing strengths - but a spring in the 'right place' is generally worth a ride.....
And finally, spring do not always 'work', they can fail, and a failed spring should be treated as a sign of weakness in itself.
cheers
PS- the opposite, or mirror image, of a Wyckoff spring, is the Upthrust
(but in VSA, the opposite, mirror image of an upthrust, is a shakeout - so there is a subtle difference - in Wyckoff the spring and upthrust are in relation to previously established support and resistance levels, and in VSA - a shakeout and upthrust are about the individual shape of the bars)
- Forums
- General
- Wyckoff trading method
Wyckoff trading method, page-666
-
- There are more pages in this discussion • 1,793 more messages in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)