The Wyckoff Wave Corrected As Expected. We Ready To Turn Higher?

The Wyckoff Wave closed slightly higher for the week, on low volume. 

We was wanting some sideways to lower price action last week, which we got, then a higher close for the week on Friday.  We did have the Technometer come off of overbought quickly early in the week.   We like the action and would like to see some more corrective action and an oversold Technometer.  

The Technometer is neutral at 44.2.  

The Wave is leading the rally versus the OP.   This could give us a slight more pullback this week. 

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

We was expecting some sideways/lower in the index which we got.   We now have a neutral reading on our Technometer, so lets look for continued lower early in the week to give us a better buy setup.  

Currently the Technometer is neutral at 44.1. 

The Wyckoff Wave Growth Index was down sharply for the week, on an increase in volume.  

We was expecting lower last week which would get us an oversold Technometer.  The problem is it came on an increase in volume, and an increase in price spread.  The major underperformance of this index, makes us sit on the sidelines slightly longer, even thought we are oversold. 

Currently the Techometer is deeply oversold at 35.8.  

The SPY was down for the week, on slightly higher volume. 

We did trade slightly higher early in the week, and the selloff to end the week as expected.   We also got our Technometer down to near oversold.   This index looks much better than the Technology heavy indexes.  Let’s look for slightly lower early in the week, then a return to higher prices.  

The Technometer is at oversold at 38.7.  

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The bond market spent the week in correction mode as we called for.   The overbought Technometer is back near oversold.  So let’s look for this to be a test of the previous low, and another rally attempt. 

Technometer is near oversold at 39.9.

The Wyckoff Wave Metal Index was flat for the week on an increase in volume.  Thursday’s low looks important, and I would expect higher prices with this low as a protective sell stop.  

The Technometer is neutral/overbought at 47.4.

The long dollar ETF, UUP was slightly higher, on average volume.

Let’s look for continuing lower.

The Technometer is neutral with a reading of 45.0.

Bitcoin was up nicely for the week, on average volume.  

Bitcoin showed some outpeformance versus growth  stocks, which was impressive.  We are not getting a low risk buy setup from our Technometer.  But we think stocks will find a low this week, and we expect Bitcoin to continue to probe the upside.   

Our Technometer for Bitcoin is neutral at 45.8. 

IMPORTANT ANNOUNCEMENTS: 

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

We now have 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