I see a lot of people trying to make the current pattern fit into the wyckoff theory. Yea, it looks a bit close, but remember this is a volatile market that doesn't follow a lot of rules. In my chart you can see the rising wedge which is also considered bearish, but it honestly has more of a bullish ascending triangle feel to me. Ascending triangles continue to test resistance while establishing higher lows. We are testing that 6990-7000 range while establishing these higher lows right now. Sometimes its just better to trade off momentum.
You can't chart a black swan event like the COVD pandemic and expect it to be following Wyckoff theory, sorry. What you CAN see is real buying interest after the market knifed down. There's a large buy volume bar, a push above the dead cat zone, and continuous testing of resistance levels with increasing volume. I would be much more concerned if the market dropped like it did and there was little interest or response from the bulls. I see it much more likely hitting the top of the blue channel, 9K range before going sub 5k. I will be converting some to cash if we do hit that upper blue line, though!
You can't chart a black swan event like the COVD pandemic and expect it to be following Wyckoff theory, sorry. What you CAN see is real buying interest after the market knifed down. There's a large buy volume bar, a push above the dead cat zone, and continuous testing of resistance levels with increasing volume. I would be much more concerned if the market dropped like it did and there was little interest or response from the bulls. I see it much more likely hitting the top of the blue channel, 9K range before going sub 5k. I will be converting some to cash if we do hit that upper blue line, though!