The Wyckoff Wave Upthrusting The Recent Range.

The Wyckoff Wave traded sharply lower for the week.  Volume was slightly higher on the selloff as well.
The O-P was down sharply as well.
The Force Index was also down sharply for the week.

The Technometer is trading deeply oversold.

We have been discussing over and over, how the OP has not acted well on the recent rallies.   This week saw the OP collapse to new lows once again.  It was reported recently that there has been heavy insider selling over the last few months, so this might have been the reasoning behind the poor action of the OP.

Click here for a recent article if interested…. https://www.zerohedge.com/news/2018-09-27/they-want-you-do-they-say-not-they-do

 
The one year daily chart shows the Wyckoff Wave breaking its recent uptrends and threatening the minor one shown in the light blue dots.  More importantly it left behind an upthrust which we warned of last week, and has turned recent trading decidedly bearish.
With the sharp selling at Thursdays close we covered all of our recent shorts, and wanted to stand aside for a few days.  The Technometer has been deeply oversold, and we wanted to give it a chance to relieve itself.  Friday’s trading was probably the start of this.
Here was our thoughts and recommendations Thursday near the close.  https://youtu.be/5-8pSRYktyM
We would expect now more sideways action, but at some point we could now revisit the bottom of the purple trading range that we have had marked for months.

 
The Wyckoff Wave Growth Index (WWG), which trades more like the Nasdaq, traded once again sharply lower.  We had recommended staying short and trailing stops.  With Thursday’s action, we wanted to cover shorts, and wait for the Technometer to relieve itself of its deeply oversold condition.
We are looking to sell a recovery in prices, looking for test of these lows, or new lows for the move.

 
The bond market traded higher for the week, due to a flight to safety with the stocks falling sharply.
We had mentioned those with short term horizons to cover shorts Monday, and look to sell a bounce.   We have had a slight bounce, and will be looking to reestablish shorts once again very soon.  We think the trend is for still lower bond prices, and higher interest rates.

 
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 942 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