Looking at the bigger picture, AGF still holds above the support line which ended the automatic rally (AR) at 3.30 from its selling climax (SC) of 2.20 .
I was wrong to assume previously that the LPS/BUEC phase was that 3.65 low. My assumption then was completely wrong because I did not consider the AR and mixed the analysis with the candlestick’s bias. No candlestick analysis involved in Wyckoff, I should remember that. Don’t mix onions with apples.
Now unless I am wrong again, the range today is already part of the BUES/LPS phase of the Wyckoff cycle being that it touched the AR and closed above it. There must be higher lows from hereon to prove that this assumption is correct and that a Markup follows.
If not, well then, it’s NOT.
See Wyckoff’s schematic here:
As usual, we are only making an educated guess as to the direction of AGF.
No agreement yet with Marlyn or the RSI that this will reverse. Wait a little more for some solid signals.
Not for the faint-hearted… or the impatient.