#Wyckoff Method in action.

April to early October was classic distribution.

A failed push near 126K followed by a clean markdown into the 80K area.

What we’re seeing now looks like accumulation.

The key level to watch is a failed sell-off — the spring. That’s usually what opens the door for the next markup phase.

Either we move into a fresh markup toward another distribution range,

or we get a second re-accumulation, similar to what played out between Feb and Oct 2024.

This isn’t random price action.

Large players follow a playbook.

Most people react to it.