ITC – Weekly Wyckoff Distribution (Schematic #2) in Play
ITC’s weekly structure appears to be unfolding as a Wyckoff Distribution – Schematic #2, suggesting a transition from demand dominance to supply control.
Key observations from the chart:
Preliminary Supply (PSY) marked the first sign of large supply entering after a strong uptrend.
Buying Climax (BC) followed by an Automatic Reaction (AR) confirmed the start of a trading range.
Secondary Test (ST) failed to make new highs, indicating weakening demand.
Upthrust (UT) and subsequent Lower Highs (LPSY) signal repeated absorption of demand by smart money.
Recent breakdown below the range indicates Sign of Weakness (SOW) and confirms Phase D/E behavior.
📉 Implication:
The structure favors distribution completion, with risk skewed to the downside unless price reclaims the prior range convincingly.
📌 Key levels to watch:
Breakdown area as resistance
Major demand zone near ₹277–₹262 (weekly support)
This is a reminder that time spent at the top often precedes the move down.
ITC’s weekly structure appears to be unfolding as a Wyckoff Distribution – Schematic #2, suggesting a transition from demand dominance to supply control.
Key observations from the chart:
Preliminary Supply (PSY) marked the first sign of large supply entering after a strong uptrend.
Buying Climax (BC) followed by an Automatic Reaction (AR) confirmed the start of a trading range.
Secondary Test (ST) failed to make new highs, indicating weakening demand.
Upthrust (UT) and subsequent Lower Highs (LPSY) signal repeated absorption of demand by smart money.
Recent breakdown below the range indicates Sign of Weakness (SOW) and confirms Phase D/E behavior.
📉 Implication:
The structure favors distribution completion, with risk skewed to the downside unless price reclaims the prior range convincingly.
📌 Key levels to watch:
Breakdown area as resistance
Major demand zone near ₹277–₹262 (weekly support)
This is a reminder that time spent at the top often precedes the move down.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.