We did a recorded video for our Youtube Subscribes on Thursday, if interested in viewing click here... https://youtu.be/Fv7u_sNyrgk
The Wyckoff Wave traded slightly higher for the week. We continue to trade in the middle of the recent range with no great volatility. Volume still trading at recent average levels.
The O-P continues to trade basically sideways with no real activity.
The Force Index was unchanged for the week.
The Technometer was overbought Thursday when we did the video for our Youtube subscribers. It closed the week just off of overbought levels.
The intraday chart for last week showed the OP following the Wave early in the week, then sell volume coming in to close the week on a down note. The OP will need to expand to the upside with good volume to get the Wyckof Wave to rally stronger to the upside.
The one year daily chart shows the Wyckoff Wave trading in an uptrend on an intermediate term basis, but losing the stride of the uptrend. We are still in the middle of the short term trading range shown by the purple trendlines. The action is starting to look like Robert Evan’s “Shell Hunter’s Tragedy”, where the uptrend is lost to a trading range and distribution.
This past week we continued to trade right at our resistance level of 54,300-54,500, and having trouble getting through it. With the overbought level of the Technometer, it would seem we are going to need a slight correction before we can make another effort of getting through the resistance.
The Wave has had many opportunities to continue its advance, but now appears to need a correction which further weakens the bullish tone. Let’s see how this expected correction unfolds this week.
The Wyckoff Wave Growth Index (WWG) traded sharply lower for the week as expected. We had expected WWG to rollover with the overbought Technometer reading we had last week.
It has now broken its recent uptrend, and at best could begin more trading range type action.
The Technometer is nearing oversold, so we might see an upside rally to correct the recent decline, before continuing lower.
Those of you who are short, continue to hold shorts and trail stops.
The bond market also traded sharply lower for the week. We had thought last Friday’s action was a test of the previous high, and that appears to had been the case. This market is still major overbought, and should continue lower. Stay short and trail stops.
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 940 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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