The Wyckoff Wave headed to overbought line of uptrend…

The Wyckoff Wave had a slight pullback last week and gave us a good entry point as marked on the following Daily chart.  Volume has been slightly lower on this rally since bottoming out at the blue circle.

The Technometer began the week at oversold levels, which has allowed the rally of the last four days.  This is marked at the blue circle at bottom of the following chart.


Thus far the Wyckoff Wave is still hovering near the middle of the recent trading range.  Last weeks oversold Technometer gave us the chance to extend the rally this week, which it continues to do.

The O-P was weaker than the Wave last week which is shown above by the blue arrows.  This was a short term bullish divergence as the O-P made a new low while the Wave was holding above the previous low.  You can see this in more detail on the following intraday chart.

The Force Index has been flat for the past week.


The one year daily chart shows the Wyckoff Wave trading in an uptrend on an intermediate term basis.  With the Technometer just coming off oversold, we would expect the Wave to rally back to the overbought line of the blue uptrend, or possibly back to the purple resistance.  How it acts at these levels will give us insight for the next move.

The Wyckoff Wave Growth Index (WWG) also continues to rally.  It is back at its overbought line a of today, but could still see a little more rally we feel.   Its Technometer reading  is at 47, and leaves room before it registers overbought.

The bond market has swiftly came off its upthrust of last week and appears to need to move still lower.  We will watch this market for the next low risk entry.

IMPORTANT ANNOUNCEMENT:  We will soon be launching our “Pulse of The Market” for Cryptocurrrencies.  This software will have consolidated volume for the Crypto’s which will be most important when applying Technical Analysis. We have had delays in the launch as we are now trying to bring in volume from 89 exchanges.
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 926 students enroll since its launch on June 22, 2017.   
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Good Trading,

Todd Butterfield

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