Thesis
A Wyckoff accumulation pattern (Scheme no. 2) has been hypothesized on the logarithmic daily chart (Figure n.1), with a bullish divergence in momentum.
Development
In October 2024, prices have completed the breakout with high volumes, only to return to the Creek area, forming a maximum test called UA. Both during the Creek breakout phase and in the return, the stock appears to have formed two minor Wyckoff accumulation patterns (Scheme no. 1).
Conclusions
If the accumulation pattern is confirmed with a return above the Creek with supporting volume, the upward move would breakout the multiyear bearish trendline, after an accumulation lasting an entire year, with the first target in the $13 area as TP1. Overall, this would indicate a long-term bullish signal (probable start of Elliot wave 3).
