The Wyckoff Wave Meets Resistance Again

The Wyckoff Wave rallied slightly for the week.  Volume was at normal low levels.
The O-P was up slightly for the week.
The Force Index was also up slightly.
The Technometer is now trading near overbought levels.

 

The Wyckoff Wave is leading the OP slightly on the upside once again.

 
The Wyckoff Wave is still trading within the confines of its purple trading range.  We had expected further rally near the top of the range, which is exactly what we got.
The Technometer reached overbought which told us that we probably was not going to get a jump across the creek, but just a test of the supply level of the long trading range.
We expect the Wyckoff Wave to spend next week correcting the recent rally, and go back and test the half way point.

 
The Wyckoff Wave Growth Index (WWG) traded slightly higher for the week as well.
The Technometer is neutral/overbougth, so we expect this market to pullback in the coming week as well.

 
The SPY also finished the week higher.  The rally is still not attracting volume so it doesn’t appear it will continue.
The Technometer is near neutral, and we expect this market to correct back and test the recent breakout of the triangle.

 
The bond market so strong selling for the week.
The Technometer is extreme oversold, and we are looking for a bounce here.   A bounce could also be labeled a spring, and send us right back sharply higher.

 
The GDX finished the week lower as expected.   It once again has came back below the $26.50 level.
The Technometer is not yet overbought so there still might be some more downside.  Also we could spring this level, as the TLT above, and start a nice rally.  We covered our shorts as you can see by the below chart.

 
The long dollar ETF, UUP traded higher for the week as called for.  With the Technometer now overbought, and we just experienced a 50% retracement rally, we would look for this market to continue in its downtrend.

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 990 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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Good Trading,

Todd Butterfield