The Wyckoff Wave Still Looks A Little Lower After Last Week’s Selling Pressure.

The Wyckoff Wave traded lower for the week as expected, on low volume.

We did upthrust resistance as I mentioned, and came off nicely.  Volume was low, so we will need to watch when we get oversold, and see how strong rebound rally is. 

For now lets look for a little lower early in the week.  

The Technometer is nearing oversold at 41.7.  

 

The Wave/OP are moving in unison.  

 

WWN – The Wyckoff Wave New Index also traded lower after meeting resistance at the top of the range, on low volume. 

Our Technometer has picked the recent low/highs, and appears we should see more downside before this index tries to bottom.    

Currently the Technometer is still near overbought at 48.9. 

 

The Wyckoff Wave Growth Index traded slightly lower, on average volume. 

Lets look for lower in the coming week here as well.

Currently the Techometer is neutral at 44.6.  

 

The SPY experience selling as expected, on low volume. 

The SPY’s Technometer was overbought and now nearing oversold without much of a price correction.

Let’s look for a little lower, but this market could give us another buy setup soon. 

The Technometer is nearing oversold at 40.7.

 

If you want more current up to the minute updates and trades as shown above, please join our ProTraders/Private Stock Discord.  Join Here If you are a Crypto Discord Member, and would like the ProTraders/Private Stock Discord as well, you can have access for only $20 a month.   Join Here

The bond market as shown by the TLT, was up ever so slightly for the week, on average volume.

We have been looking for strength above 103.50, but we have not gotten the strong close above this as we wanted.  

We are now overbought, so let’s raise our protective sell stops to 102.31.

The Technometer is  overbought at 50.4.

 

The Wyckoff Wave Metal Index was down for the week, on slight increase in volume.   

We have been looking for higher here, but cannot get a rally put together.  Technometer is near neutral, so we have no strong opinion currently. 

The Technometer is near neutral at 46.4.

 

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

The UUP has followed our idea for a sideways triangle before heading sharply lower once again.  We are looking for an intermediate term top at these levels, and a return to the downtrend of the last 8 months. 

The Technometer was oversold, now rallying to overbought.  So let’s look for another opportunity on the short side soon.  

The Technometer is nearing overbought at 47.0.

 

Bitcoin had a strong week to the upside, on a slight increase in volume.  

We have been looking for the “backup” to complete and a move strongly higher, which occurred.   

We did not get the oversold Technometer we wanted early last week, and quickly went to overbought on the strong up move.

We are looking for a little more consolidation here, then continued strength.    

Technometer is near overbought at 49.2.

 

Ethereum also had nice rally on slight increase in volume, but has underperformed some to Bitcoin.

Same as Bitcoin, we would like to see a slight pullback to give us a good buy setup.

Technometer is coming off overbought at 47.0.

To join our Patron/Discord to get these trades real-time click HERE

 

IMPORTANT ANNOUNCEMENTS: 

We launched our WyckoffSMIChina.com site March 2022, 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.

If you would also like to follow us on twitter for news and trade ideas, follow “WyckoffonStocks“, “LearnCryptoShow“, or “WyckoffonCrypto“.   We have given numerous profitable trades to our subscribers on the Youtube channel, as well as Twitter.  

Good Trading,

Todd Butterfield