The Wyckoff Wave still trading near overbought line of uptrend…
WE ARE CONTINUING TO HAVE CHARTING ISSUES. WE NORMALLY RELEASE THESE “WEEK IN REVIEWS” ON SUNDAY EVENINGS. HOPEFULLY WE WILL GET BACK TO NORMAL SCHEDULE.
The Wyckoff Wave has continued to try and reach the overbought line of the recent uptrend as mentioned on our last update. Volume has been average to slightly lower on this rally.
The recent action still appears positive. Anymore selloff in the Wave and the Technometer will probably once again become oversold. This will give us another opportunity to rally.
The O-P was slightly weaker than the Wave on last weeks rally and gave us a small bearish divergence.
The Force Index has also under performed on the recent rally.
The Technometer did reach near overbought 5 trading sessions ago, but now is back to below neutral readings and close to oversold.
The intraday chart shows the under performance of the OP on the recent rally versus the Wyckoff Wave (WW). This had occured with the near overbought reading of the Technometer. These factors have lead to the last few days corrective action.
The one year daily chart shows the Wyckoff Wave trading in an uptrend on an intermediate term basis. With the Technometer once again nearing an oversold reading, I would expect the Wave to try and rally back to the purple resistance line in the near future.
The Wyckoff Wave Growth Index (WWG) continues to rally. It is also trading near its overbought line of its recent uptrend, but appears to continue to be able to trade higher. Its Technometer reading is at 47, and leaves more upside available.
The bond market is trading sideways after its recent upthrust. Its Technometer is overbought but we do not see a low risk entry at this time. We will be on the sidelines…
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Good Trading,
Todd Butterfield
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