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Fuente: Pruden & von Lichtenstein, Wyckoff Schematics (MTA Journal 55, 2006); Wyckoff Analytics. Pruden publishes two accumulation schematics: one with a spring in phase C, one without — both valid.

Prerrequisitos

Trading range, Composite Man, Three laws.

The schematic in brief

Accumulation is a trading range after a downtrend in which the Composite Man buys clearly more than he sells, builds cause (law 2) and, toward the end, signals that demand controls price. The A–E phases are not decoration: they signal where we are in the campaign and which mistakes to avoid (early longs in phase B, FOMO on a breakout without SOS, and so on).

Range events (abbreviations)

Phase A — Change of character to the downside

Phase A marks the passage from downtrend to relative equilibrium. Until PS and the SC, supply dominates; the climax transfers enormous volume from the public to the large operators — often with a close far from the low of the bar (maximum effort, limited net result: law 3).

The Automatic Rally follows because selling pressure eases: short covering and institutional demand push price up and define the initial ceiling of the range. The Secondary Test brings price back toward the SC area: if volume and spread are lower than the climax, the bottom is confirmed; if the ST drops below the SC low, new lows or a longer consolidation are needed.

Without a clear PS/SC/ST the range may be reaccumulation in markup (reaccumulation): an attenuated phase A, with the downtrend absent or brief.

Phase B — The cause loads up

In phase B price oscillates inside the range while the Composite Man accumulates. Repeated tests of support and resistance, upthrusts at the top (false upside breaks that test supply), and volume and spread that tend to narrow toward the end of the phase. The horizontal P&F count grows — a future minimum objective (cause count).

Wyckoff Analytics warns: do not trade every oscillation in phase B. The analytical objective is to measure the cause and wait for phase C–D; early longs here often pay for a longer range or a painful spring.

Phase C — The test of supply

Phase C answers a single question: is there enough supply left on the market to prevent markup? The typical tool is the spring — price below support, a rapid return into the range, light volume: a bear trap that liquidates the weak holders and allows final buys at low prices.

Pruden's schematic #2 shows accumulation without a spring: the test happens higher in the range with a direct SOS. Both variants are valid; forcing a spring where there is none is a rigid-checklist mistake.

Phase D — Creek, JAC, LPS

In phase D demand dominates repeatedly: a sequence of SOS and LPS, with price advancing toward the upper resistance of the range. Robert Evans describes the SOS as the jump across the creek — the wavy line joining the intermediate highs (trading range) — and the LPS as the back-up to the edge of the creek: a mild pullback on reduced volume to the support that was resistance.

Favourable zone for longs and adds; stop below the LPS or the spring.

Phase E — Markup and stepping stones

In phase E the stock leaves the range; demand is evident even to the public. Pullbacks stay shallow; subsequent LPS offer trailing or adds. Possible stepping stones — reaccumulation ranges within the markup — reload cause toward extended P&F targets.

Minimum objective: count from phase B. Stop: structure (below the last significant LPS), not an arbitrary percentage.

Nine buying tests (Wyckoff Analytics)

Checklist for step 4 — with the chart type required:

Summary card

Enlaces

• trading-range-wyckoff
• distribution-phases-a-e
• spring-wyckoff
• sign-of-strength-sos
• last-point-of-support-lps
• tradizione-wyckoff