The Wyckoff Wave Trading Sideways

Todd Butterfield Week In Review 0 Comments

The Wyckoff Wave ended the week ever so slightly lower as called for.  Volume was lower as well.

The O-P was down slightly for the week.

The Force Index was also down.

The Technometer is still slightly below neutral.

 

The Wyckoff Wave and OP are moving in lockstep.

 

The Wyckoff Wave traded slightly lower for the week as expected, still respecting the resistance at the top of the trading range.

We had expected continued weakness last week due to the neutral Technometer, and facing the resistance of the trading range.  The Technometer is still neutral so we are still going to allow for more weakness here.

We will look for further correction back into the middle of the trading range, and we will monitor price/volume to get a clue for our next major move.

 

The Wyckoff Wave Growth Index (WWG) also traded lower for the week leading the Wave lower once again.

We had a near overbought Technometer last week, and finished this week slightly above neutral.  Growth stocks underperformed once again last week and still look like they can pullback more in the coming days.

 

The SPY continued lower as well last week, but its Technometer came off oversold quickly.  This is bearish action….

Lets allow the SPY to continue lower this coming week as well.

 

The bond market traded slightly higher for the week.

We thought stocks would work lower last week, and bonds higher.

We had an overbought Technometer on Tuesday which warned us of a pause in the uptrend or a correction.  Thus far it has been a pause.

We now have a Technometer nearing oversold, so with prices holding this is bullish action.

We will be looking to buy this market in the coming days.

 

The GDX rallied beginning the weak as mentioned, and registered a dangerously overbought Technometer on Tuesday.  Because of this we gave a short sell recommendation at $29.48 to our ProTraders.   This was a perfect sell and we will look for this market to continue still lower.

Technometer is neutral and we will monitor it closely for an oversold reading which will probably force us to buy back our shorts.

 

The long dollar ETF, UUP traded still higher for the week.  We was looking for a short sell opportunity, but thus far have not recognized it.

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 960 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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