When it’s mainstream and everyone is buying, you wait for a better time. Never go into the mainstream market psychology especially on a stock that really has nothing going for it.
BUT, if you’re smart… You wait for an opportunity. You let all the hype quietly fade away. You measure, you wait, you watch for a perfect opportunity to strike.
And I believe that time has come..
A couple of things to understand Wykcoff theory. Whenever price does something out of the ordinary (i.e. channel break out) There is a statistical chance of a wyckoff trading range to develop. Within this trading range, certain rules apply. We have some tools like Fibonacci ratios to determine price and time opportunities.
First we should inspect the descending channel from the top, as you can see, we are about to break through to top of the channel. On another note, we have some major Fibonacci timeframe convergences happening right here as well.
I am personally going in for some calls right here. There is a solid chance of gap coverage and then some.