The Wyckoff Wave Trading At Resistance

Todd Butterfield Week In Review 0 Comments

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The Wyckoff Wave closed down slightly for the week on average volume.

The O-P was also unchanged for the week.

The Force Index was unchanged as well for the week.

The Technometer is registering a neutral condition, after being near oversold early in the week.

 

The Wave and OP are trading in lockstep.

 

The Wyckoff Wave continues to trade at the top of the recent resistance level.  We still expected more sideways type trading action and a possible test of the support level at 47,000.  The level has changed due to the split in DWDP.

The Technometer is in a neutral condition after trading near oversold early in the week.  We could possibly see a little more strength early in the week before any selling resumes.

 

The Wyckoff Wave Growth Index (WWG) was unchanged for the week in a narrow range.  If the recent action was a jump and backup, we would have expected last week to be strong up.  Since it was not, we expect further testing of the recent jump.

 

The bond market experienced further correction this past week.  We are still long and looking for a recovery in prices.

The Technometer is now solidly oversold, so we expect another short term low to be made at this level.

Stay long, trail stops, and look for higher prices.

 

The GDX was down slightly for the week.  The Technometer is near oversold, so we think we are testing the previous low at $21.79, and can turn higher once again.  We are long.

 

Square (SQ) traded unchanged for the week once again.  We hope for another buying opportunity in the very near future, as we think SQ can work lower from here still.

 

Caterpillar still trading at previous support.  Friday it had a good rally, so lets see if resistance is met once again.  We would look for a correction here.

 

Shopify was up sharply for the week after registering an oversold Technometer.  The Technometer is now extreme overbought so the rally could slow here.  We are still looking for another buy entry.

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.

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 949 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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