The Wyckoff Wave Added to Gains From Its Oversold Levels

Our Cryptocurrencies & Wyckoff Online Course is now being offered at an affordable $199 if you use the code “feb199” at checkout.  This course will not be offered at this price much longer as we are adding lessons on O-P, Force, and Technometer soon.
 

This past week the Wyckoff Wave continued the rally that began the week before.  Volume declined on the corrective rally.

The Technometer began the week slightly below neutral, and finished the week slightly above neutral.

For the week the S&P was up 4.3%, and the Nasdaq 5.31%.

The Wave spent the week extending its gains off of the sharp losses of the previous week.

The O-P has not rallied much since the short term lows of Feb 5th.   This is showing there is not much buying behind the recent surge.

The Force Index also continues to show relative weakness to the Wave and continues to apply pressure to the downside.

The Technometer finished the week trading above neutral levels and will go to near overbought with any rally early this week.
 

 
The one year daily chart shows the Wyckoff Wave finding support at the light blue support line, and then traded through the overbought line of the same uptrend.   With that action it puts the wave in more of a sideways trading range.
We would watch the Technometer closely in the beginning of the week, and if we approach overbought we would enter short positions for an expected move back down to the lows of two weeks ago.

 
The Wyckoff Wave Growth Index (WWG) also had a bounce off of oversold levels on reduced volume.
The Technometer is trading near overbought levels and will get there quickly on any further rally.  We had expected a rally in this market to relieve the oversold condition of the Technometer, so we would look to reenter shorts here.
 

 
The bond market traded sideways for the week.  The oversold Technometer has not given us much of a rally off of the lows, only sideways.
TLT continues to trade near its oversold line of its downtrend shown in purple.  We have lower objectives from the point and figure chart so we are staying short this market.
 

 
IMPORTANT ANNOUNCEMENT:  This week we will be launching our “Pulse of The Market” for Cryptocurrrencies.  This software will have consolidated volume for the Crypto’s which will be most important when applying Technical Analysis.
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 now being offered at an affordable $199.99 by using code “feb199” at checkout.  We have had 885 students enroll in the last 31 weeks.   
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Good Trading,

Todd Butterfield