$RNG Wyckoff BreakoutRingCentral, Inc. Class ANYSE:RNGJevvyChaseTextbook Break out overlayed on to Wyckoff chart. Technicals: Test—Large operators always test the market for supply throughout a TR (e.g., STs and springs) and at key points during a price advance. If considerable supply emerges on a test, the market is often not ready to be marked up. A spring is often followed by one or more tests; a successful test (indicating that further price increases will follow) typically makes a higher low on lesser volume. SOS—sign of strength, a price advance on increasing spread and relatively higher volume. Often a SOS takes place after a spring, validating the analyst’s interpretation of that prior action. LPS—last point of support, the low point of a reaction or pullback after a SOS. Backing up to an LPS means a pullback to support that was formerly resistance, on diminished spread and volume. On some charts, there may be more than one LPS, despite the ostensibly singular precision of this term. Key Buy Points in the Wyckoff Cycle: - The Spring (Phase C): Price briefly dips below the trading range support to trap sellers and shake out weak holders on low volume, then quickly recovers. Test of the Spring (Phase C): A smaller pullback that re-visits the spring low on very light volume to confirm that selling pressure is gone. Last Point of Support / LPS (Phase D): Small pullbacks during a Sign of Strength (SOS) where price tests prior resistance turned support. Backup / BU (Phase D): A graceful pullback right after the asset jumps out of the main trading range before the sustained markup begins.