The Wyckoff Wave At The Top Of The Trading Range

The Wyckoff Wave closed down ever so slightly for the week on average volume.
The O-P was also lower for the week.
The Force Index was unchanged for the week.

The Technometer is registering a near oversold condition.

The Wave and OP had a buy divergence on Thursday as the OP went to a new low for the move, while the Wave tested its low.  This is what helped us register the oversold Technometer reading.

 
The Wyckoff Wave continues to trade at the top of the trading range.  We had expected more sideways type trading action and a possible test of the support level at 47,000.
With the Technometer near an oversold condition it gives the Wave another opportunity to work higher through the top of the trading range.  It has had this opportunity before and has not taken advantage.

 
The Wyckoff Wave Growth Index (WWG) was up for the week.  It has continued to stair step higher, and now the Technometer is registering a clearly overbought level.  We would expect this market to slow here and at minimum work sideways.

 
The bond market rallied this week to gain back some of the ground it had lost in the previous weeks.
The Technometer was solidly oversold at the lows which kept us in our long positions.  It is now back to near overbought so we want to watch this market closely.  We have been intermediate term bullish, and was still expecting higher prices.
Stay long, trail stops, and look for higher prices.  We would not want to see the 122 level taken out on the downside.

 
The GDX was flat for the week.  The Technometer is back to overbought, so we are somewhat concerned if this market cannot continue higher here.  We have been stopped out of longs, and on the sidelines.

 
Square (SQ) has been trading weak, and did give us an oversold Technometer reading late last week.  On Friday, we tested this previous low and had a divergence on the 5 minute showing a bullish setup.  We are long with a close stop.

 
Caterpillar met some selling this week and trading below resistance.  This continues to be a weak stock, and one we would like to be short sometime soon.  
 
Shopify continues to extend their gains.   This is a stock we like longer term.  Anxious to find another short term buy setup.

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.
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 949 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