Aug. 3 at 7:03 PM
$CJMB Charting a Full Wyckoff Cycle 📉🔁📈
This 1H chart provides a textbook illustration of a complete market cycle.
Here is the breakdown:
✅ Phase 1: Expansion (Markup) - The initial impulse from
$1.10 to over
$2.70.
✅ Phase 2: Distribution - Sideways action at the highs (
$3.92 peak) as supply began to overcome demand.
✅ Phase 3: Breakdown (Markdown) - The subsequent collapse as market structure shifted to lower highs and lower lows.
✅ Phase 4: Base Formation - Where we sit today. Price is compressing around support, showing early signs of stabilization.
Key Levels to Watch: 📊
Support: Critical zone is
$1.45 -
$1.50. This base must hold to prevent further downside. The major support origin lies further down at
$1.10 -
$1.20.
Resistance: The primary hurdle is
$3.00, which marks the key pivot/rejection level from the breakdown.
Patiently waiting for volume confirmation to signal the next major move.
NFA. DYOR
