The Wyckoff Wave Still Looks Slightly Lower In The Coming Week.

The Wyckoff Wave finished the week up ever so slightly, on average low volume.

We have been expecting lower, and still look for slightly lower in the week ahead.

The OP is hitting new recovery highs, while price lags.   This is getting us overbought and not good action for the bulls.  It is showing buying coming in, but not able to take price higher.

The Technometer is near overbought at 49.6.  

 

The OP is leading the Wave to the upside as mentioned above.

 

WWN – The Wyckoff Wave New Index traded sideways, on average low volume.

We are still trading overbought on our Technometer, and we think we can move lower this week.

Currently the Technometer is overbought at 50.5. 

 

The Wyckoff Wave Growth Index was also sideways last week, on average low volume.

We would expect to see still lower here as well. 

Currently the Techometer is near overbought at 47.7.  

 

The SPY was slightly higher on the week, on average low volume.

We are still looking for lower here as well, to correct the recent advance..      

The Technometer is neutral/overbought at 48.6.

 

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The bond market as shown by the TLT, traded lower last week, on low volume.

We was expecting continued rally attempts, but we did not get that last week. 

The Technometer is back to oversold as the OP has hit a new low compared to 3 weeks ago, while price is holding higher.   Let’s look for another rally attempt.  

The Technometer is oversold at 35.7.

 

The Wyckoff Wave Metal Index continued higher, on slight increase in volume.

We thought we could see some backing and filling here at the previous highs.   We still expect that in the coming week.   

Constructive pullback, and oversold Technometer would give us a buying opportunity here. 

The Technometer is neutral at 45.5.

 

The long dollar ETF, UUP was down slightly last week, on continued low volume.

We can still see the Dollar bounce a little to correct recent decline, then turn down again. 

The Technometer is neutral at 45.5.

 

Bitcoin continued its strong rally early in the week, then trades sideways last 6 days, on low volume.   

We would still like to see some type of correction of the recent strong advance to give us another low risk buy setup.  Technometer is back to 43, so we might get that in the coming week.    

 

Ethereum continues strongly higher last week, on low volume. 

We are still flat, and looking for lower to repurchase.  Our Technometer came down to 42 last week, and that ignited another strong rally.   Let’s see if it can come down again some this week, and give us a another buy setup.   

Technometer is neutral at 45.9.

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Good Trading,

Todd Butterfield