Consolidation/ Wyckoff Re Accumulation, which went on for approx. 6 months and a BREAKOUT or (SOS in Wyckoff Terms) may sum the price action behaviour of MYX.
I have marked some points of interest/change of character on the chart where a Wyckoffian Trader/Analyst may have paid extra attention. Those points are SOS (Sign of Strength) bars,JAC (Jump Across the Creek) and LPS(Last Point of Supply/Pullback) after the JAC.
RE ACCUMULATION initially starts with a BC (Buying Climax) ,AR ( Automatic Reaction) which is identical to a DISTRIBUTION PHASE A must also be noted.
It is the subsequent price/volume action behaviour that enables us to identify the consolidation pattern as a RE ACCUMULATION. Creek and it’s sub branch is drawn in Green as well as Sign of Strength Candles highlighted with Yellow, where a Wyckoffian Trader should act upon according to their own analysis plan. Once a DANGER POINT is known, within the consolidation, the appropriate position size can/may be calculated as well as REWARD/RISK . There is a meaningful CAUSE/EFFECT which also gives us a nice tentative bullish price objective shown on the second PnF Chart.
Daily Candle Chart of MYX as at 31/12/2015 below.
MYX PnF Chart with the Bullish Tentative Price Objective Count below.
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