Type 2 Spring Means Bullish Accumulation But Expect Retests
The closing hour today printed a type 2 wyckoff spring which means it tested support to a moderate depth compared to the selling climax and also moderate volume.
This is bullish and means this more likely an accumulation zone than distribution however because it's a type 2 spring there are probably going to continue to be tests lower in the range to fully shake out the weak hand bulls so the strong hands can absorb all they can before it moves higher out of this range.
I am not about to buy this blindly but will be looking for low risk entries on tests of the prior wicks.
This is bullish and means this more likely an accumulation zone than distribution however because it's a type 2 spring there are probably going to continue to be tests lower in the range to fully shake out the weak hand bulls so the strong hands can absorb all they can before it moves higher out of this range.
I am not about to buy this blindly but will be looking for low risk entries on tests of the prior wicks.
Nota
The web says type 2 springs usually retrace by less then half so I'm going to interpret that as to the .618 which map to the diamond low wick area.Nota
Market is showing the spring no love, bears have a lot of ammo to dump all at once. Watching this closely to see if it's possible to go long.Nota
Spring has been swamped by sellers so the 7200 level is on the tableNota
Order book is finally looking like it has buyer support at 7580 so scalping long hereNota
Nota
Buyer wall blown out of the water, 7200 probably going to get hitNota
Was not expecting that big of a dump. The interest rate news pretty much made any technical analysis irrelevant.
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