There are Wyckoff Method Accumulation ingredients with the weekly price action behaviour of ACR. We must remember that this is a weekly TF chart with a greater time horizon.
Now back to the chart, to analyse it’s price action behaviour in order to see what may be unfolding ?
Since the confirmation of SC (selling climax) and AR ( automatic Rally) the major downtrend halted ( not reversed).The price action behaviour ever since dating back to mid. 2014 may be best described as rangebound/trading range (TR). There is a potential Wyckoff SPRING as well as ST ( secondary test) as of this writing. The potential SPRING LOW is @ 56.5 cents which MUST HOLD, for it to be considered as SPRING. Failure to do so negates the whole analysis here.
I have included different Wyckoff Phases as well as drawn the potential CREEK in dashed LIME/GREEN COLOUR. Close above 81 cents may be seen as JAC ( Jump Across the Creek).
As far as the Law of CAUSE and EFFECT is concerned, there is a significant count (cause built) which will also be activated, if rest of the ingredients over the coming weeks confirm the accuracy of this analysis.
Disclosure : Held
Weekly ACR Chart with potential Wyckoff Phases and SPRING below.
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