Wyckoff Morning Trade
Yesterday, a Wyckoff Spring lit the market and triggered a strong rally.
Last night in the Asian and European session, there was not much trading and no real follow through to the upside (you see this clearly on the tick chart). What trading did occur left us overbought in the trend channel.
What happened to all that buying from yesterday?
Coming into this morning, we see no ability to rally higher. Shorts were taken in the weak price action, but frankly, I was waiting to see if we’d get an upthrust of the overnight high, so only a few contracts were placed.
The market never made it to the overnight high and fell swiftly. Although there is a lower target around the 2765 level, the price action and length of wave suggests some congestion is likely to occur in the 2770 support area.
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