Wyckoff Wave Ready To Rally?

The Wyckoff Wave Tape Reading Index (WWTR) traded lower for the week, on higher volume.

We have been bullish recently expecting more upside.   Last week’s action still did not really change that opinion, but we will be watching the increase in volume.  We was hoping for some backing and filling on low volume, and a Technometer closer to oversold, to prepare us for the next leg higher.

Technometer is now nearing oversold with a reading of 41.72.

The OP and WWTR is trading in unison.  

The Wyckoff Wave Growth Index traded only slightly lower for the week.  Volume here was once again average. 

We have been talking of a successful test of the lows would prepare us for another opportunity to rally.   Volume has not increased on the selloffs, so we are looking for a rally attempt.

Technometer is now near oversold with a reading of 39.47.  

The SPY closed the week lower, on average volume. 

We have been looking for a low volume test of recent lows.  With the oversold Technometer, let’s look for a successful test, and a return to higher prices. 

The Technometer is extreme oversold with a reading of 35.56.

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The bond market closed sharply lower for the week.  We still think this market can spring the recent lows, and work higher. 

The Technometer is near neutral with a reading of 42.87.

The GDX closed the week slightly higher, on higher volume.

We have been friendly the Metals market recently.   We think we possibly experienced a Buying Climax last week, so therefore could have a trading range up now at these higher levels, before the next move higher. 

Technometer is near neutral with a reading of 46.02.

The long dollar ETF, UUP closed up slightly, on average volume. 

We have leaned bearish the Dollar, but the Russia news has kept a strong big here for prices.   We are on sidelines but want to be short at some point. 

The Technometer is overbought with a reading of 52.13.

Bitcoin was higher mid week, but closed the week up only slightly, on average volume.

We have showed bullish divergences in blue and pink, and we stay bullish on Bitcoin. 

Our Technometer for Bitcoin is neutral with a reading of 44.42.

ATOM – Atom was flat for the week on low volume.

We have the bullish divergences as show in blue, and a near oversold Technometer.

Technometer is at 42.81, and previous readings around 40.80 have given us good buy zones.

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Due to the demand for Bitcoin/Cryptocurrency information and trading knowledge, we released a Cryptocurrency and Wyckoff Trading Course at our site, LearnCrypto.io   This course is being offered at an affordable $299.99.  We have had 1029 students enroll since its launch on June 22, 2017.   On June 28th, 2018 we added lessons detailing the OP, Force, and Technometer and how to use these Wyckoff Tools for analysis.

If you are interested in Wyckoff stock chart analysis as well as Cryptocurrency, search “Learn Crypto / Wyckoff SMI” or click this link https://www.youtube.com/channel/UCDxK2PwEDvoaHZgjPV_WgcA

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Good Trading,

Todd Butterfield