Looking For The Wyckoff Wave To Move Lower In The Week Ahead.

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

We are expecting a correction for a backup to the previous creek.   We are near overbought, so lets look for a move lower this week

The Technometer is new overbought at 48.4.  

 

The Wave and OP are in unison.  

 

WWN – The Wyckoff Wave New Index also was slightly higher last week, on slight increase in volume.

Here as well, it looks like we could work lower this coming week to test the previous resistance level. 

Currently the Technometer is overbought at 50.7. 

 

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

We was expecting a break of the 1120 level, which we got.  Let’s look for still lower in the week ahead. 

Currently the Techometer is nearing oversold at 40.4.  

 

The SPY also finished the week lower, on average volume.

We had mentioned that sentiment seemed extreme, and we could use a pullback, which we have had the last two weeks.   

Technometer is moving to more overbought as we decline so it appears we can continue lower in the coming week. 

The Technometer is near neutral at 45.3.

 

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The bond market as shown by the TLT, was down for the week, on slightly lower volume.

We had mentioned that short positions are elevated here, and the week before looked a little climatic.  Last week looked like a successful test of the previous “spring”. 

Our Technometer is finally at oversold, so lets look for a rally attempt at least back to the previous blue line support 

The Technometer is oversold at 36.4.

 

The Wyckoff Wave Metal Index was down slightly for the week, on very low volume.   

We are looking for the metals to make a low here, but thus far price action has been lethargic.     

The Dollar still appears vulnerable to us, so lets see if Metals can dig in here.

The Technometer is nearing overbought at 47.8, which the bulls do not want to see.

 

The long dollar ETF, UUP was  higher for the week, on very low volume.

We are looking for the Dollar to turn lower from here, but its must do so quickly.   

The Technometer is overbought at 49.8, so lets see if that turns us lower.

 

Bitcoin once again trading quiet and mostly sideways, on low volume.  

We are long slightly below these levels, and still looking for some type of bounce. 

Stocks experienced a slight correction last week in general, while Bitcoin is trying to hold its gains, so we are encouraged by that.  If stocks can get a buy setup this week, Bitcoin could lead a rally.

Technometer is neutral at 44.0.

 

Ethereum also traded sideways last week, on low volume. 

We are long, and Bitcoin’s comments above, apply here as well.

Technometer is near neutral at 42.8

 

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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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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