The Wyckoff Wave Tested The Highs, Looks Lower Next Week.

The Wyckoff Wave traded slightly higher for the week, on average low volume.

We was looking for an opportunity to enter longs early in the week, but never got the setup.   It now appears that we tested the highs, and will see some downside price action in the coming week.  Let’s look for the WW to reenter the recent trading range.  

The Technometer is slightly above neutral at 46.0.  

The Wave/OP are moving in unison.  

WWN – The Wyckoff Wave New Index also traded slightly higher last week, but still could not successfully trade through the resistance.  Appears we could see some downside here as well in the coming week. 

Our Technometer was near oversold, but now back to overbought, which supports some downside price action.

Currently the Technometer is overbought at 49.9. 

The Wyckoff Wave Growth Index traded slightly higher, on very low volume. 

We still look for lower prices here as well. 

Currently the Techometer is above neutral at 46.5.  

The SPY rallied nicely for the week on average low volume. 

We was looking for an oversold Technometer early in the week, but instead we rallied all week, and we did not get to enter long positions as wanted.

Our Technometer gave us a sell signal Friday, so we look for corrective action in the coming week.  

The Technometer is overbought at 51.5.

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The bond market as shown by the TLT, was up sharply for the week, on average volume.

We were oversold last week and looking for a solid bounce which we for sure got.  Friday we went back to overbought on our Technometer, so we are expecting lower this week and a test of the previous week’s low.    

The Technometer is extreme overbought at 55.3.

The Wyckoff Wave Metal Index was up sharply for the week, on low volume.   

We was looking for the Dollar to break down, and propel precious metals higher.   We got exactly that!   Let’s look for some sideways/lower in the coming week, then further higher in the weeks ahead.

The Technometer is overbought at 50.2.

The long dollar ETF, UUP was down sharply for the week as expected, on extremely low volume.

We had the breakdown out of the triangle we have been talking about for a few months.  Appears we have lower to go, after maybe a slight recovery from last week’s smackdown.   

The Technometer is oversold at 34.8.

Bitcoin traded sideways for the week once again, on low volume.  

Bitcoin sill consolidating recent gains, and appears we can go higher, after a little lower in the coming week. 

We have been expecting a break of $29,000…. 

Technometer is neutral at 43.4.

Ethereum has traded slightly higher in the last week, on low volume. 

Same as Bitcoin, we would like to see a slight pullback to give us another good buy setup.

Technometer is neutral at 46.3

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Good Trading,

Todd Butterfield