The Wyckoff Wave Continued Lower For The Week

The Wyckoff Wave continued its correction last week.  Volume was at average levels.
The O-P continued hitting fresh new lows for the correction.
The Force Index was lower for the week as well.

The Technometer came off a deeply oversold condition at Monday’s lows.

The OP has continued with its out performance to the downside.  It closed on its lows for the week.

There are small positive divergences when compared to the price low on November 23rd as well as December 10th.  The OP has made new lows, while price is currently holding above these lows.  You can see these on the chart above, and last week’s divergence below.

 
We had expected the Wyckoff Wave to experience further correction this past week, which is exactly what happened.
On Monday’s opening selloff, we saw the Technometer register a 35.20 reading which is deeply oversold.  From there we covered our short positions, but did not put out any new buy recommendations.  We had felt that the weakness the last 10 days, could possibly drive us to new lows below 47,000, so we wanted to stand aside.
With the two minor divergences in the OP/Price mentioned above, we do think we can get a bounce here short term.  If that happens, we would like to enter short positions after that, especially if we get a corresponding overbought reading from the Technometer.

 
The Wyckoff Wave Growth Index (WWG), was flat for the week.
The Technometer did not get deeply oversold, and currently relieving the oversold reading that it had.  We also have a divergence here between the OP/Price from the lows of November 20th.  So as the Wyckoff Wave, we think we could get a bounce in this market next week as well.

 
The bond market traded sideways for the week.
Our Wyckoff proprietary indicators are not giving us much help here, so we will stand aside this market until it gets clearer.

 
We covered our short position in Caterpillar on Monday’s weakness.  We made over $17 in one weeks time and the Technometer was deeply oversold when we sent out recommendation.
This chart does not look good, so we will look to reenter a short possibly in the near future.

 
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 947 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