The Wyckoff Wave Should Extend Last Weeks Rally

The Wyckoff Wave traded sideways all week, but closed at its highest levels in the last two weeks at Friday’s close.  We closed the week slightly higher on reduced volume.
The O-P had been slightly weaker than the Wave on the mid month rally, as well as the recent selloff.  The O-P in the last two weeks has been trading sideways in step with the Wyckoff Wave.
The Force Index rallied slightly for the week which has allowed the Wave to try and work out of the recent base.

The Technometer closed the week neutral.



The intraday chart for last week shows the under performance of the OP versus the Wyckoff Wave (WW) with the Wave making a new high for the week while the OP did not.  We had expected the Wyckoff Wave to rally last week and we still see the rally continuing this coming week.  The OP needs to expand to the upside with good volume…


The one year daily chart shows the Wyckoff Wave trading in an uptrend on an intermediate term basis, and near the previous purple support line of the recent trading range.  With the Technometer at neutral we should at least see the rally continue into the early part of this week.  We need to see volume to come in and support the rally.  If the 50,500 level was a test of the previous spring down to 49,000 then this rally should be able to continue with wider spread and volume.  If it does not, then any long positions could be in trouble, and we would not want to see the support at 50,500 to then give away.

The Wyckoff Wave Growth Index (WWG) spent the week trading sideways as well.  It is now trading in the middle of its recent uptrend, but appears to continue to be able to trade higher.   Its Technometer reading is also neutral so will allow further rally attempts.

The bond market once again traded higher for the week.  Its Technometer is extreme overbought and you can see the OP continues to make new highs while the TLT is under performing.  We consider this action bearish and still look for some type of correction.

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 937 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 Cryptocurrency news and Wyckoff chart analysis, search “Learn Crypto / Wyckoff SMI” or click this link
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Good Trading,

Todd Butterfield

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