The Wyckoff Wave corrected as expected last week. Volume was at average levels for the week.
The O-P was lower for the week, and also went to a new low for this recent selloff.
The Force Index was also lower for the week.
The Technometer is registering a deeply oversold condition.
We had expected further weakness this last week and it occurred. The OP continued its recent downtrend as well and traded weak into Friday’s close.
We had expected the Wyckoff Wave to turn lower last week and begin the testing process of the previous spring.
Wednesday the markets become oversold and we also done a video to alert our Wyckoff followers. We pointed out the oversold technometer and charts of various stocks we have been monitoring. Here is the video link if you are interested… https://youtu.be/zSgOnP1HYdo
With the Technometer now trading deeply oversold, we expect some type of recovery this week or at worse continued testing of the support at the bottom of the recent range marked in purple.
Notice the OP going to a new low for this recent correction, and the Wave has held at higher levels. This is effort to the downside with no result, which is a bullish divergence.
The Wyckoff Wave Growth Index (WWG), was lower on the week as well. We did not have an oversold technometer here, as the volume is not coming in to the downside on the WWG. We would expect it to still trade in lockstep with the Wyckoff Wave, so expect higher prices here as well in the week ahead.
The bond market traded higher for the week as expected. The Technometer touched an overbought reading on Thursday, so we used this as an opportunity to return to short positions as mentioned. We now look for a return to the bottom of the recent range.
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.
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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