The Wyckoff Wave Broke Short Term Uptrend

The Wyckoff Wave once again was up ever so slightly for the week.  It did break the short term uptrend support line.  Volume was slightly below average.
The O-P was also up slightly for the week.
The Force Index also up slightly for the week.

The Technometer reading is overbought.

We mentioned last week that the OP and Wyckoff Wave had a slight small bearish divergence.  This did lead to some selling this past week.  We still have a small divergence as the OP continues to hit new highs while the Wave is lagging.

This is also giving us the overbought Technometer.

 
We continued to call for a correction and the uptrend support line giving away.  We did get the rally to slow last week, and the uptrend did give away.
With the overbought Technometer we are still expecting a corrective reaction to the recent strong advance.  I pullback to the support at 49.674 would be idea for the bulls.
The rally off the 44,000 level has been impressive and keeps this long bull market alive.  We expect further sideways action in the weeks and months ahead, and then ending action for renewed gains.

 
The Wyckoff Wave Growth Index (WWG) had a correction last week which was what we were looking for.  The Technometer has came off of overbought but we still expect lower prices in the week ahead.

 
The bond market traded higher for the week once again.  With stocks having a slight correction, the bonds have stayed bid as we were expecting.  We are overbought, but could work higher this week in negative correlation with stocks.

 
The GDX held most of its previous weeks gains, and acting very well.  Technometer has came off of major overbought, and we think the GDX continues higher.  The attached point and figure chart shows upside objectives as high as $26 .  We are long and looking to buy more on pullbacks.


 
Square (SQ) has traded sideways, and we are watching to buy a pullback.

 
With the Wyckoff Wave still looking lower in the week ahead,  we still expect IBM to work lower as well.

 
Caterpillar looks lower also.


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 948 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