Applied advance wyckoff theory on gold chart
Mark-Up Phase: This phase typically involves a clear upward movement of prices, often characterized by strong green candles and an increase in volume as prices rise. From the chart, between the 24th and 26th of September, there was a steady increase, with prices peaking around 2,676 - 2,680. This period likely reflects the mark-up phase.
Post-peak, the price began to decline, especially noticeable after reaching around 2,676, and began to consolidate with sideways movements. The distribution phase occurs as smart money begins offloading their positions, and the increased selling volume confirms this.
Volume: The volume has decreased since the large drop after September 26th. Although a small bounce can be seen, the volume is not spiking aggressively, suggesting that the market is not currently in a high demand zone.
The price seems to be attempting to recover from the recent dip. However, it could either result in a false recovery or lead to a breakout if sustained with increasing volume.
(Wyckoff Distribution)
Sell Entry: Below 2,652 (break of support).
Stop-Loss: Around 2,670 - 2,676 (above distribution resistance).
Take-Profit: Between 2,630 - 2,610, depending on markdown strength
(Potential Reaccumulation)
Buy Entry: Above 2,676 (breakout with volume).
Stop-Loss: Around 2,650 (below spring).
Take-Profit: Between 2,700 - 2,710.
Post-peak, the price began to decline, especially noticeable after reaching around 2,676, and began to consolidate with sideways movements. The distribution phase occurs as smart money begins offloading their positions, and the increased selling volume confirms this.
Volume: The volume has decreased since the large drop after September 26th. Although a small bounce can be seen, the volume is not spiking aggressively, suggesting that the market is not currently in a high demand zone.
The price seems to be attempting to recover from the recent dip. However, it could either result in a false recovery or lead to a breakout if sustained with increasing volume.
(Wyckoff Distribution)
Sell Entry: Below 2,652 (break of support).
Stop-Loss: Around 2,670 - 2,676 (above distribution resistance).
Take-Profit: Between 2,630 - 2,610, depending on markdown strength
(Potential Reaccumulation)
Buy Entry: Above 2,676 (breakout with volume).
Stop-Loss: Around 2,650 (below spring).
Take-Profit: Between 2,700 - 2,710.
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