Oct. 21 at 4:07 PM
$SPT (Weekly Chart) Scaled into a swing trade at
$10.90 avg. — targeting the 21WEMA first, then the 55WEMA as second scale-out levels.
Price has drifted too far away from the yellow 21WEMA, which has acted as resistance and tested since breaking below it in Q1 2022.
After weeks of lower prices within a falling wedge,
$SPT swept the all-time lows and reversed on higher-than-average volume — likely a Selling Climax (SC).
I’m expecting an accumulation phase to develop moving forward, though confirmation will require more price action to confirm my SC thesis.
- The weekly StochRSI also shows bullish divergence, adding confluence to the reversal thesis.
- Green Fib 0.236 level (based on the whole chart) aligns with the first overhead supply liquidity, likely marking the topping range within the developing structure.
My forecast is not time-based, but illustrates a potential trajectory over time.
- Invalidation: Consecutive weekly closes below the Selling Climax (SC).
Let's see,
TBC...
