The Wyckoff Wave Above Resistance

Todd Butterfield Week In Review 0 Comments

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The Wyckoff Wave rallied slightly for the week.  Volume was at low levels.

The O-P was up for the week.

The Force Index was up slightly.

The Technometer is trading near overbought levels.

 

The Wyckoff Wave is being leading by the OP last week.

 

The Wyckoff Wave is still trading slightly above the resistance of the recent purple trading range.

The Technometer neared overbought last week which told us that we probably was not going to get a jump across the creek, but just a test of the supply level of the long trading range.

We expected the Wyckoff Wave to spend the week correcting somewhat, when in actuality it held its gains and closed near its highest levels in recent months.  We still look for a correction back into the trading range in the coming week.

 

The Wyckoff Wave Growth Index (WWG) traded slightly higher for the week also.

The Technometer is neutral/overbought, so we also expect this market to pullback in the coming week as well.

 

The SPY also finished the week higher.  Friday’s rally had good spread, but volume leaves alot to be desired.

The Technometer is overbought, and we expect this market to correct back and test the recent breakout of the triangle.

 

The bond market had a nice rally for the week as we anticipated.

The Technometer is near overbought, but we look for continued rally in the bonds.   The bounce last week could be labeled a spring, as expected, and further strength.

 

The GDX finished the week higher as expected.

The Technometer is neutral so I think GDX could still work higher along with the TLT.   We will probably look to short this market in the near future again.

 

The long dollar ETF, UUP turned lower for the week after we entered our shorts.  With the Technometer oversold we might not collapse here, but we want to be short, as we look for this market to continue its downtrend.

IMPORTANT ANNOUNCEMENT:  Our “Pulse of The Market” charting software for Cryptocurrrencies is now working.  This software has consolidated volume for the Crypto’s which is utmost important when applying Wyckoff Technical Analysis.   We are showing this software in use on our social media sites. 

We have recently started a Discord channel where we discuss the Crypto markets.  We have had huge success and if you trade Bitcoin you might like monthy access at $40 a month.  https://www.patreon.com/LearnCrypto

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 990 students enroll since its launch on June 22, 2017.   On June 28th 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 Crptocurrency, search “Learn Crypto / Wyckoff SMI” or click this link https://www.youtube.com/channel/UCDxK2PwEDvoaHZgjPV_WgcA

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Good Trading,

Todd Butterfield

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