The Wyckoff Wave Still Sitting At Resistance

Todd Butterfield Week In Review 0 Comments

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The Wyckoff Wave closed down ever so slightly for the week.  Volume was lower at holiday levels.

The O-P was up slightly for the week.

The Force Index was down slightly.

The Technometer was trading near overbought levels, and came off slightly.

 

The OP is trading slightly stronger than the Wyckoff Wave.

 

Continuing to sound like a broken record, the Wyckoff Wave is still trading right on the resistance of the recent purple trading range.

The Technometer has been near overbought the last two weeks.   This warned 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.  But, we have not had any meaningful correction off of this level.

We still expect the Wyckoff Wave to experience some type of selling this week.  If nothing else, at least a break of the previous weeks low.

 

The Wyckoff Wave Growth Index (WWG) traded higher for the week, as expected due to the oversold Technometer.

The Technometer is now extreme overbought, so we expect a correction in the coming week.

 

The SPY also finished the week higher.

The Technometer is nearing overbought, so we expect this market to move lower in the coming week as well.

 

The bond market added on to its gains last week.

The Technometer was extreme overbought, but now nearing neutral.   This is bullish action, and Friday’s price action looked constructive.  We expect still higher prices here, as stocks correct.   Let’s see how we perform at the blue downtrend line this coming week.

 

The GDX finished the week slightly higher.

The Technometer is neutral so GDX could work slightly higher with TLT next week, then possibly provide us with another short term sell opportunity.

 

The long dollar ETF, UUP rallied traded a new recover high on Friday, and then experienced a reversal.  We will stay short and look for lower prices.

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

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