The Wyckoff Wave Possibly Still Slightly Lower, But Positive Action In General.

The Wyckoff Wave finished the week ever so slightly lower, on average volume.

We would like to see a deeper correction to get our Technometer closer to oversold.   Overall price action has been bullish last few weeks.  

The Technometer is neutral at 45.4.  

 

The Wave was slightly weaker into the week’s low. 

 

WWN – The Wyckoff Wave New Index also closed slightly lower, on average volume. 

We was looking for downside price action last week, and achieved a minor pullback.  The Technometer here did get to oversold, and backed up to the previous resistance nicely.  We should be able to begin upside progress once again…

Currently the Technometer is at oversold at 37.2. 

 

The Wyckoff Wave Growth Index closed lower last week as well, on average volume.  

The Growth Index finally had a few days of selling, but it appears it will not take much more downside price action, to get us oversold once again.  

Currently the Techometer is near oversold at 41.1.  

 

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

The Technometer here went from overbought to oversold in last couple weeks, while price has only worked sideways.  This is bullish price action.  Appears we have higher prices ahead.   

The Technometer is oversold at 38.6.

 

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The bond market was down nicely for the week as expected, on low volume.

We did experience the “upthrust” as expected and then a “sign of weakness”, and then a “last point of supply”.  It appears we could see some more downside this week in the TLT.   

The Technometer is near  neutral at 45.8.

 

The Wyckoff Wave Metal Index ended the week down as well, on very low volume.

Our Technometer is neutral here, so lets look for possibly a little lower this week.

The Technometer is neutral at 44.6.

 

The long dollar ETF, UUP was up slightly for the week, on low volume.

We show on the chart our expectations for the Dollar in the coming weeks.

Technometer is neutral so lets look for backing and filling here. 

The Technometer is at 43.8.

 

Bitcoin had a nice correction for the week as expected, on extremely low volume. 

We was wanting lower and a Technometer closer to oversold.   We had been mentioning $21,800 as logical support level on social media.  We did get that but no real sell volume has come in to give us an oversold Technometer.

We could still see slightly lower here early in the week, but overall price action has been very bullish.           

Our Technometer for Bitcoin is near neutral at 42.4. 

 

Ethereum also had nice correction from the highs as expected, on extremely low volume as wished for.

Here we have a nice “spring/backup”, and a nicely oversold Technometer.

We recommended to our members to repurchase positions at $1,496, which so far was the exact five minute red bar low.  

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IMPORTANT ANNOUNCEMENTS: 

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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. 

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

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Good Trading,

Todd Butterfield