Wyckoff Wave Testing The Recent Lows?

The Wyckoff Wave closed the week lower, on low volume.

We had looked for the rally to continue early in the week.   Many of our Technometers started to register overbought late Monday.

That was when we looked for the rally to end, and a test of the lows to begin.

We possibly had a test Thursday/Friday, so we will watch action early in the week. 

The Technometer is neutral at a reading of 45.1, and we would like this to get closer to oversold, to call a successful test.  

The OP is trading stronger than the Wave.

WWN – The Wyckoff Wave New Index closed slightly lower for the week on low volume.   

As mentioned for the Wave above, we had expected higher early in the week, then our Technometer got to overbought, and we began a test of the recent lows.  We really wanted to see the Technometer come off overbought and work near oversold.  So far that has not happened.  If we take out last week’s highs, that would be positive price action.

The Technometer is slightly above neutral at 47.8.  

The Wyckoff Wave Growth Index was also down for the week on low volume.

We was looking for a continued rally until the Technometer got overbought but that happened later Monday.   Then we started the pullback to test the lows.  Lets watch early in the week to see if we get any positive price action.

We need the WWG to take out previous price levels when we had overbought Technometers as marked with red dots.  Currently we just keep putting in lower highs.  If we can get above last week’s red dot, I would think that tells us we have a recovery rally started.

The Techometer is near neutral at 45.9.  

The SPY closed the week also lower on low volume.   We were overbought here coming into last week, but wanted to see our other general market indices get closer to overbought which they did on Monday. 

We are now neutral here as well at 45.8 on the Technometer.  

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The bond market closed higher for the week, on average volume.  

We was looking for bonds to continue their rally off of the recent bear market lows.  Would appear there is more to the upside here.  

The Technometer is neutral/overbought at 47.4.

The GDX traded the week sharply lower, on average volume, with a nice recovery off of Friday’s lows.

Thursday we did register below 38 on our Technometer which is considered oversold, so we would expect this rally to have more upside.

Technometer is near oversold at 41.5.

The long dollar ETF, UUP closed the week higher on low volume.

The Dollar appears to be running out of steam to the upside, so we look for lower. 

The Technometer is neutral/overbought with a reading of 46.4.

Bitcoin followed stocks lower for the week, to test its previous low as well.   

Our stock indicators were overbought Monday, but Bitcoin’s was mostly around neutral.   We need to stocks to successfully test its lows and turn higher, for Bitcoin to stage a rally.

We do have a new low in the OP, while price held it’s previous lows.  That is slightly bullish. 

Our Technometer for Bitcoin is neutral at 44.0.

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Good Trading,

Todd Butterfield