Since we’ve been given the unfortunate title of meme stock, I decided to look for similarities between Avaya and other meme stocks. What I found is that AVYA and BBBY’s chart both seem to exhibit Wyckoff Reaccumulation.
But please don’t take this seriously. I just thought it was interesting, and I’m also not an expert on Wyckoff so it could be wrong.
Anyway,
If you’ve ever heard of Wyckoff Accumulation, there’s also Wyckoff Reaccumulation, which is simply a pause in a major uptrend. It can take weeks, months, or years to complete. You might just call it consolidation, and it is, but the schematic tries to show various elements that signal strength in the move and more upside.
For BBBY, reaccumulation only took a few days. It’s not perfect (which makes sense given the volatility), but the elements all seem to be there.
Now, Avaya isn’t moving as fast as BBBY, but do you notice any similarities? To me, it looks like we may be starting to form the creek.
BBBY ran over 300% once its reaccumulation phase finished. The circled portion is the picture from above
If Avaya can achieve those same returns, we’d be at $7.
