The Wyckoff Wave Correcting Off Of The Resistance Level

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The Wyckoff Wave closed minus every day of the week.  The resistance we have been speaking of did turn the Wave lower.   Volume was slightly above average.
The O-P was down for the week.
The Force Index was also down for the week.

The Technometer reading is clearly oversold.


The Wave and OP are somewhat trading in lockstep.

The Wyckoff Wave did meet some resistance at the top of the trading range as expected.
The overbought Technometer did slow the rally, but the selling even thought it occurred all week, we did not correct that much considering.  The Technometer has been trading oversold which helped the Wave rally late Friday, I would expect a little more rally early in the week, and then lets monitor the situation and the Technometer.
The rally off the 44,000 level has been very impressive and keeps this long bull market alive.  We still expect further sideways action in the weeks and months ahead, and then ending action for renewed gains.   The decline now makes the last few months rally a test of the upthrust.  We still expect more trading range type trading in the weeks ahead.

The Wyckoff Wave Growth Index (WWG) was also down for the week.  We have shown a trading range here as well, and for now would expect this to continue.

The bond market traded sharply higher for the week, recouping last weeks sharp losses.   We had an extreme oversold Technometer, and thought this market would spring the previous low, and could possibly be registering a LPS or Backup To The Creek.  Last weeks action does support this scenario.
Stay long, trail stops, and look for higher prices.

The GDX was also higher for the week.   We had discussed the oversold Technometer and a possible SPRING in an uptrend buying opportunity.  This also appears to have what happened.  Stay long and look for higher prices once again.

Square (SQ) did trade lower for the week as called for.  We did not get a 38 reading on the Technometer which has called previous lows, but we did register a 40.  This stock could rally some here, but we hope for another buying opportunity in the near future.

Caterpillar corrected last week as expected.  This chart does not look good.
Shopify is a stock that we want to begin to accumulate.  We purchased some Friday and will continue to monitor.

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,   This course is being offered at an affordable $299.99.  We have had 949 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
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Good Trading,

Todd Butterfield

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