The Wyckoff Wave Correcting From Top of Trend Channel

This past week the Wyckoff Wave experienced a slight downtown in prices.  Volume was comparable to last weeks.

The Technometer is now trading back below neutral levels.

The S&P and Nasdaq was both down approximately .20% for the week.


The Wave rallied tried to rally early in the week, but as expected, the overbought Technometer kept a lid on the rally.  The O-P failed to rally early in the week with the Wave (you can see the divergence on the intraday chart below), and then continued its correction going into weeks end.

The Force Index was up slightly for the week.

The Technometer started the week near an overbought reading, then finished the week back below neutral.  We had stated since the previous weeks rally returned the Technometer quickly to near overbought, we thought the Wave would turn down.  We still see some more downside action in the week ahead.  As the Technometer returns to oversold, we will reevaluate the situation at that time.

The one year Daily chart shows the Wyckoff Wave still in the upper portion of the recent uptrend chanel.  We would expect some more downside action to return it to the lower portion of this channel.

The Wyckoff Wave Growth Index (WWG) was basically flat for the week.   We could still be testing the minor creek at 2,900 as shown by the light blue line.   If so, this market should be watched closely on another short term pullback this week.
On an intermediate term basis, it has reentered its previous uptrend channel, and is not overbought so it could try to make it way back to the overbought line of the uptrend once the testing of the creek is complete.

The bond market did respect the Technometer’s overbought reading, and responded with a large selloff as expected this past week.  We would continue to hold short positions, and probably add on any short term bounce.

IMPORTANT ANNOUNCEMENT:  We will be launching our “Pulse of The Market” for Cryptocurrrencies in the upcoming weeks.  This software will have consolidated volume for the Crypto’s which will be most important when applying Technical Analysis.
Due to the demand for Bitcoin/Cryptocurrency information and trading knowledge, we released a Cryptocurrency and Wyckoff Trading Course at our site,   This course is offered at an affordable $299.99 and we have had 660 new students enroll in the last 19 weeks.   
We also have a Youtube channel that has now grown quickly to 12,000 subscribers in a matter of a few months.  If you are interested in Cryptocurrency news and Wyckoff chart analysis, search “CRYPTO NEWS”, subscribe, and click the bell to be notified of our upcoming broadcasts.  Our current schedule is Monday-Friday around 6 p.m. CST and they usually last close to two hours, and we just added an approximate 11-12 a.m. broadcast to reach more of our international subscribers.  We have subscribers all over the world, so at times we vary broadcasts to try and satisfy international subscribers.  
If you would also like to follow us on twitter for news and trade ideas, follow “WyckoffonCrypto”.   We have given numerous profitable trades to our subscribers on the Youtube channel, as well as Twitter.  
Good Trading,

Todd Butterfield

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