Wyckoffian Method: Sell Test in Phase B
Using volume to price analysis in correlation with market cycles of accumulation and distribution (Wyckoff), I believe that
HYMC
is setting itself up for a strong reversal to the upside on this 'test' region: double bottom.
During the mark-down phase,
HYMC
exhibited several stopping actions up until the massive change of behavior that came with the news of the investment from $AMC. The change of behavior is exhibited by the massive change in demand volume at the bottom of the range, thus establishing a floor. This trend reversal symbolizes a 'selling climax' with an immediate reaction, otherwise known as an 'automatic rally'.
Being at the same level as the selling climax and with volume diminished,
HYMC
has a strong chance to reversal and start breaking some fib levels to the upside for a test of supply zones above. This move would be considered 'sell test in phase B' of accumulation.
A reverse split is incoming for
HYMC
, but a good short-covering rally can occur from the lows here before RS.
HYMC
is setting itself up for a strong reversal to the upside on this 'test' region: double bottom. During the mark-down phase,
HYMC
exhibited several stopping actions up until the massive change of behavior that came with the news of the investment from $AMC. The change of behavior is exhibited by the massive change in demand volume at the bottom of the range, thus establishing a floor. This trend reversal symbolizes a 'selling climax' with an immediate reaction, otherwise known as an 'automatic rally'. Being at the same level as the selling climax and with volume diminished,
HYMC
has a strong chance to reversal and start breaking some fib levels to the upside for a test of supply zones above. This move would be considered 'sell test in phase B' of accumulation. A reverse split is incoming for
HYMC
, but a good short-covering rally can occur from the lows here before RS.