The Wyckoff Wave Below Trading Range Support

The Wyckoff Wave continued lower for the week.  Volume has increased on the selloff.
The O-P was lower for the week as well.
The Force Index was higher for the week.

The Technometer is trading slightly above oversold, after registering oversold at Wednesdays close.

We had expected a rally this week, but we began the week selling off then stabilized late in the week.  The OP is moving much more in lockstep with the Wave this past week.

 
The one year daily chart shows the Wyckoff Wave breaking its longer term uptrend and heading straight to the bottom of the recent trading range.  More importantly it left behind an upthrust and is trading extremely weak.
With Wednesday’s oversold Technometer we still expect some type of relief rally this week.   This rally could offer us the opportunities to enter shorts, or liquidate under performing long positions.
The recent selloff could be an important Sign of Weakness (SOW), and we would now expect a low volume, decreased price spread rally for a Last Point of Supply (LPSY).  Let’s see if we get that this coming week.

 
The Wyckoff Wave Growth Index (WWG), which trades more like the Nasdaq, has outperformed our Wyckoff Wave on this selloff.  We had recommending covering shorts on the oversold Technometer, and still expect this market to bounce higher this coming week.
The Technometer is trading neutral, and a rally this week could return it to overbought quickly.

 
The bond market traded higher for the week.  We now have returned the Technometer to an overbought condition after registering oversold three weeks ago.
We had mentioned those with short term horizons to cover shorts at the “B” market, and look to sell a bounce.   We have had the bounce, and now would use this opportunity to reestablish short positions.
We think the trend is for still lower bond prices, and higher interest rates.

 
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 943 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