The Wyckoff Wave Continues Rally Mode

The Wyckoff Wave had big gains for the week.  Volume was at recent levels.
The O-P was up for the week.
The Force Index was up for the week.
The Technometer is slightly above neutral.

 

The OP and Wyckoff Wave are trading in unison.

 
The Wyckoff Wave traded up sharply for the week, which we had expected.  We had shown the bullish divergence between the OP and price, which had shown accumulation beneath the surface.  This lead to last weeks strong rally.
Our Technometer reading is now above neutral and heading to overbought probably.  But we still have more room to the upside for this rally to continue before it gets into trouble.  Look for still higher prices early in the week.

 
The Wyckoff Wave Growth Index (WWG) traded higher as well.
With a Technometer now near overbought levels, we would look for further strength with the Wyckoff Wave, and then a slowing of the advance.  As you can see we have the overbought line of the uptrend that could provide resistance to further rally.

 
The SPY finished the week sharply higher as well.  We had the same buy divergence here as the Wyckoff Wave last week, which lead to the strong rally.   Technometer is not near overbought, so we would expect further rally to its overbought line of its uptrend.
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The bond market closed lower for the week.
Our Technometer has flopped from overbought, to oversold, to once again overbought as marked by the arrows.
We thought last weeks oversold reading would lead to a good rally, but that did not happen.  Now with this weeks overbought reading, we would expect bonds to have some selling pressure once again.

 
The GDX finished the week sharply higher.
Our Technometer registered oversold last week, which told us to not be short and to expect some type of rally.  It actually was a strong rally back into the middle of the trading range.
We are extreme overbought on the Technometer, so we would expect this rally to slow, and some type of reaction to get underway.

 
The GDXJ is back at is creek it fell thru, so this looks like good entry for a possible short.

 
The long dollar ETF, UUP was down slightly for the week.
We wanted to see some more testing on the downside for our backup, and with our Technometer still at overbought levels we could still see some additional downside tests.  We are standing aside.

 
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. 
We have an active Discord channel where we discuss the Crypto markets.  We have had huge success and if you trade Bitcoin you might like monthly access at $40 a month.  https://www.patreon.com/LearnCrypto
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 1016 students enroll since its launch on June 22, 2017.   On June 28th, 2018 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 Cryptocurrency, search “Learn Crypto / Wyckoff SMI” or click this link https://www.youtube.com/channel/UCDxK2PwEDvoaHZgjPV_WgcA
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Good Trading,

Todd Butterfield