The Wyckoff Wave Continues Range Bound

Todd Butterfield Week In Review 0 Comments

The Wyckoff Wave was down for the week.  Volume was slightly higher than previous weeks.

The O-P was also down for the week.

The Force Index was down sharply for the week.

The Technometer is quickly back to oversold.

 

The OP and Wave traded in unison for the week until Friday, when the OP went to a new low while price held higher.

 

The Wyckoff Wave traded minus all week, as we had expected.

With the Technometer approaching oversold levels, which we indicated would happen, we would be looking to establish long positions in those issues that are showing relative strength.

 

The Wyckoff Wave Growth Index (WWG) traded higher for the week as expected.  We had an oversold Technometer and expected support to come in.  Technometer is now above neutral, but we would expect this market to work higher with the Wyckoff Wave.

 

The bond market traded slightly lower for the week.

The Technometer did stall out as expected with the near overbought reading.  But now it is working down to an oversold reading, and we would be looking for the TLT to try to extend its recent advance.

 

The GDX closed down for the week after recent strong gains for us.  The Technometer is near neutral, so we would expect the GDX to find support and continue to set new highs.  You can see the Technometer for the GDXJ is extreme oversold and favoring a bounce.  Stay long with stops in place.

 

The long dollar ETF, UUP continued to trade higher.  We must stand aside until price action warrants a position.  The Technometer is extrem overbought, so we still favor a short sell.

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 recently started a Discord channel where we discuss the Crypto markets.  We have had huge success and if you trade Bitcoin you might like monthy 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 960 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

Please subscribe and click the bell to be notified of our upcoming broadcasts.  

Our current schedule is Monday-Thursday approximately 6:30 p.m. CST, and they usually last approximately one hour.  We will also broadcast at additional random times since we want to satisfy our international subscribers as well.  

If you would also like to follow us on twitter for news and trade ideas, follow “LearnCryptoShow”, or “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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