The Wyckoff Wave Price Action Not Looking That Bullish.

The Wyckoff Wave finished the week slightly lower, on an increase in volume.

Last week we thought the Wave could meet some support, and it was near oversold on the Technometer.

Instead it continued to work slightly lower, while the Technometer went to neutral now.

Not the type of action the Bulls was wanting.   We can see lower this week, until we get a more clearly oversold Technometer.

The Technometer is neutral at 44.6.  

 

The OP/Wave are moving in lock step to the downside.

 

WWN – The Wyckoff Wave New Index was slightly higher, on a slight increase in volume. 

We thought the WWN would find support as well last week, which it did.   The issue is the Technometer returned to overbought on Thursday’s close as shown by the red dot, and turned us lower on Friday.

It appears we could see some more downside in the coming week. 

Currently the Technometer is near overbought at 48.9. 

 

The Wyckoff Wave Growth Index was higher for the week as expected, on somewhat average low volume.  

We expected this market to bounce off of 50% correction levels of the previous advance. 

It did get close to overbought on Thursday as well, and appears we could see more downside in the coming week. 

Currently the Techometer is neutral/overbought at 46.7.  

 

The SPY also rallied slightly last week as expected, on an increase in volume.

The Technometer here was oversold and quickly got back to overbought on Friday’s opening.   It appears this market could also work lower in the coming week.       

The Technometer is near overbought at 49.0.

 

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The bond market as shown by the TLT, was up slightly for the week with extreme volatility. 

We thought we could work sideways to higher so all good.  Now with the Technometer coming down to near oversold, it appears we could work higher still in bonds, as stocks continue slightly lower. 

The Technometer is near oversold at 40.5.

 

The Wyckoff Wave Metal Index had a nice bounce for the week as expected, on a nice increase in volume.

Our Technometer was at oversold, which brought last weeks rally on, but now we are overbought and could slow the rally now.   Let’s look for sideways/higher here in the coming week. 

The Technometer is overbought at 51.3.

 

The long dollar ETF, UUP was down slightly for the week, on low volume. 

We look for the Dollar to work lower in the weeks ahead, but the near oversold Technometer could limit that this week.

The Technometer is near oversold at 39.6.

 

Our Wyckoff Wave Crypto Index (WWCI), was up sharply for the week as expected, on average volume.

We think we can continue higher here, as our Technometer is 45.1. 

 

Bitcoin also experienced a very sharp rally as expected, on a slight increase in volume.   

Our long positions are looking very nice after last week, and we expect still higher in the coming week.      

Our Technometer for Bitcoin is nearing overbought at 48.25. 

 

Ethereum also was up sharply to a new recovery high for the year, on average low volume. 

We are still long and expecting higher the coming week.   

Technometer is at 47.4.

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If you are interested in Wyckoff stock chart analysis as well as Cryptocurrency, 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.

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Good Trading,

Todd Butterfield