Reading The Message From The Tape, WBC.ASX

When a specific set up unfolds, I ask myself,what would Mr Wyckoff or Mr Livermore would do if they put their analysis into the instrument analysed ?  Course of action they would take without hesitation. Trigger for an exit or entry is what I am talking about here.

In the case with WBC,  as it is testing a MAJOR SUPPORT within a MAJOR UPTREND, would I look for a SHORT or a LONG TRADE knowing the position in the major trend? A successful test would tell me to GO LONG where the REWARD/RISK is most favourable even if the trade fails.

I am publishing the WBC daily chart with some markings showing fine tunning effect. There are some points of interest marked on the chart. It is important to try and learn how to read the message they try and convey. Why those points ( two are shown with an arrow at the bottom and the box opposite) ? Comparing apples with apples is the answer.

I have also marked some support and resistance lines in Red. Smaller recent trading range also has a range of approx. $1.50.If completed successfully that would be a double bottom. Can we project the height of the pattern to the upside as a target on completion ( if completed successfully). Yes we can or exit the trade on a retest of the previous high at approx. $31.40 level. 

With those friends/chart lovers who has registered for the upcoming WYCKOFF SPECIAL GROUP WEBINAR,  we will continue further. There will also be a Midday session after the latest confirmation received. Thanks S. Email will be sent with date and agenda items.

Disclosure : WBC is held with short term view.

WBC daily chart is courtesy of tradingview.com

wbcdaily10032018

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