Wyckoff has a fractal quality, and thus, the Method essentially works in all timeframes. The trained eye can see the price structures unfolding whether it be on a weekly vertical chart or the shortest term intra-day chart. Let us see if we can drill into the shorter timeframe and find a nuanced interpretation of the current market from the intraday data. After a robust advance in the aftermath of the November presidential election it seems possible that the market could have a retracement, of sorts. As Wyckoffians we would seek to identify a Cause being built, in the form of Distribution prior to a corrective decline. This retracement of prices typically would be in proportion to the advance that preceded it. To capture the minutia of the Distribution we would want to zoom into the smaller timeframes where the elements of the structure can be seen.
In this case-study we focus in on the trading range that has formed since mid-December in the S&P 500 Index ($SPX). The 60-minute vertical chart captures the entire trading range (which may not be complete).