I recommend that you review this tweet from June. In it, I used a Wyckoff Pattern of Distribution Schematic and outlined the similarities between it and $AMZN. At the time, I had believed that the April 2021 high was the UTAD (“Upthrust After Distribution”) and I took a lot of jeering from folks when it then went on to make new highs in July.
However, celebrating may be quite premature as, with only some minor adjustments, that new high could itself very easily be identified as the UTAD. One reason I remain interested in this possibility is the basis for my retraction of my bullish call on the stock (you can read about that here). Simply put, we’re just not yet moving impulsively. We continue to move almost exactly sideways, and until we actually do (move up) we run the serious risk of being sold to here.
So, I have updated the schematic and present it to you here, and the original blueprint can be found below it.
Here is the template schematic:
So, I am feeling bearish here, and I apologize for that if the market just goes straight up, but I’m seeing a lot of things I don’t like. I’ve been a good boy for almost a year, expecting higher prices and getting them, but I also don’t want to be bullish at the most wrong time to be so and there are mounting troubling signs around us, I think.
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