The Wyckoff Wave Continued its Correction Last Week
The Wyckoff Wave continued its correction last week. Volume was slightly lower for the week as we tested previous lows.
The O-P was lower for the week, and went to another new low for this recent selloff.
The Force Index was also lower for the week.
The Technometer is registering an oversold condition.
We had expected the Wyckoff Wave to rally last week but it continued lower to test the previous lows. The OP continued its recent downtrend as well and traded weak into Friday’s close with the Wave holding slightly above Wednesday’s low.
We had expected the Wyckoff Wave to turn higher last week after we felt what was a successful test of the previous spring.
With the Technometer still in an oversold condition, we expect some type of recovery this week.
The Wyckoff Wave Growth Index (WWG), was lower on the week as well. We had expected it to rally in unison with the Wave, but actually followed the Wave to new lows. The Technometer has come down to the oversold region, so we expect a bounce here as well.
The bond market traded slightly higher for the week. The Technometer is overbought and Friday’s trading action looks negative to us considering all the other indicators. Stay short and look for lower prices.
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 946 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.
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