Wyckoff Wave Still Searching For A Successful Test Of The July Lows.

The Wyckoff Wave closed sharply lower for the week, on slight increase in volume.

We were expecting higher prices for the week but after Monday’s higher opening, it was down hill the rest of the week.

We did come close to oversold at Friday’s lows, so we look for a rally from here, which we will monitor closely to see if this could be the low we have been looking for.   

The Technometer is neutral/oversold at 41.8.  

The Wave is slightly weaker than the OP for the week.

WWN – The Wyckoff Wave New Index also closed sharply lower for the week, on a slight increase in volume.   

We were wanting our Technometers to get closer to oversold, but that never happened.   We are now near overbought, so action is not that bullish here at the moment.  Let’s see how Friday’s low holds up early in the week.  

Friday’s expiration volume did help send our Technometer to higher levels on Friday. 

The Technometer is nearing overbought at 48.7.  

The Wyckoff Wave Growth Index was down only slightly for the week, on a slight increase in volume from recent weeks low levels.  

We were expecting higher as our Technometer was neutral, but now we are overbought after Friday’s increase in volume due to expiration.  This index’s relative strength the last 10 days also helped make the Technometer overbought, so lets not turn to bearish as of yet.

Currently the Techometer is overbought at 51.6.  

The SPY also had a sharp selloff, with a slight increase in volume. 

We were expecting further strength last week, but selling came in after Monday’s gap higher.   Our Technometer here is nearing oversold, so we will look for a test of last week’s low, and another rally attempt.       

The Technometer is nearing oversold at 39.6.  

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The bond market was slightly lower for the week once again.

We were expect the TLT to reenter its recent trading range as it was deeply oversold. 

Now our Technometer is neutral at 45.1, so we will stand aside.

The GDX traded the week lower as well, on average volume.

We were expecting a rally to the top of the recent range, instead we saw another test of the recent spring.  For now, it looks to be a successful test, so we are long and looking for higher.   

Technometer is oversold/neutral at 41.3.

The Wyckoff Wave Metal Index is in the same position as GDX, with a successful spring and test.

The Technometer is back to neutral at 45.5.

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

We are looking for a top in the Dollar, but our Technometer was oversold last week, and supported a rally.   We did get that, and now the Technometer is back to overbought.   Let’s look for the Dollar to turn lower from these levels.

The Technometer is overbought with a reading of 51.2.

Bitcoin finished the week sharply lower, on average volume. 

We was looking for higher early in the week, then a small retracement.  We did top out Tuesday, but the selloff was much deeper than we were wanting for the bull case.   This could be just a deep test of the low at $18,500, and the Technmometer was nearing oversold, so lets look for a rally attempt early in the week, and judge its strength for further clues.

Our Technometer for Bitcoin is neutral at 44.0. 

IMPORTANT ANNOUNCEMENTS: 

We launched our WyckoffSMIChina.com site late March, for our China community.  Check it out!

We have just released a lower cost version of our Unleashed Course, which is an excellent value at $349.99.  

Click Here Our new “Pulse of The Market” charting software for Cryptocurrrencies is now showing consolidated volume from over 140+ exchanges.  This is utmost important when applying Wyckoff Technical Analysis.   We are showing this software in use on our social media sites, and will be launching for subscription in near future. 

We have an active Discord channel where we discuss the Crypto markets.  We have had huge success and if you trade Bitcoin you might like monthly access at $40 a month. Join Here

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 Please subscribe and click the bell to be notified of our upcoming broadcasts.

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Good Trading,

Todd Butterfield