We Would Like To See The Wyckoff Wave Pullback To Previous Resistance at 59,400.

The Wyckoff Wave finished the week up ever so slightly once again, on average volume.

We have been expecting lower, and still look for lower in the week ahead.

The OP continues to hit new recovery highs, while price lags.   This has kept us near  overbought and not good action for the bulls.  It is showing buying coming in, but not able to take price higher.

The Technometer is near overbought at 46.7.  

 

The OP continues leading the Wave to the upside as mentioned above.

 

WWN – The Wyckoff Wave New Index continues to trade sideways to slightly higher, on average low volume.

We are still trading overbought on our Technometer, and we look for some weakness in the coming week.

Currently the Technometer is overbought at 51.6. 

 

The Wyckoff Wave Growth Index was lower for the week, on average low volume.

We would expect to see still lower here as well. 

Currently the Techometer is near overbought at 48.7.  

 

The SPY was flat for the week, on average low volume.

We are still looking for lower here as well, to correct the recent advance..      

The Technometer is near overbought at 49.5.

 

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The bond market as shown by the TLT, traded slightly lower last week, on low volume.

We was expecting continued rally attempts, but got no follow through last week.  Let’s still see if we can try the upside.  

The Technometer is neutral at 44.7.

 

The Wyckoff Wave Metal Index finally had some selling come in as expected.   Volume is still at low levels. 

We thought we could see some backing and filling here at the previous highs.   We still expect more of that in the coming week.   

Constructive pullback, and oversold Technometer would give us a buying opportunity here. 

The Technometer is neutral at 46.0.

 

The long dollar ETF, UUP was slightly higher last week, on extremely low volume.

We can still see the Dollar bounce a little to correct the recent decline, then turn down again. 

The Technometer is neutral at 44.3.

 

Bitcoin finally experienced a sharp selloff last week, on low volume.   

Last week we spoke of expecting some type of correction to give us another low risk buying opportunity. 

Appears we are almost there, and it would fit nicely into a BACKUP as labeled on the chart. 

Technometer is 38.5 on BTC/USD, and  40.4 for BTC/USDT.

 

Ethereum also experienced a pullback as expected, on low volume. 

We was looking for lower to repurchase and has spoke of $1,850 as being downside support. 

We are at that level, and looking to repurchase in the coming week.   

Technometer is deeply oversold at 35.6 for ETH/USD, and 38.5 for ETH/USDT.

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Here is our trusty Wyckoff Wave Crypto Index (WWCI) with oversold Technometer readings marked in green.  We are deeply oversold here as well. 

 

IMPORTANT ANNOUNCEMENTS: 

We launched our WyckoffSMIChina.com site March 2022, for our China community.  Check it out!

We now have a lower cost version of our Unleashed Course, which is an excellent value at $349.99.  

Click Here Our new “Pulse of The Market” charting software for Cryptocurrrencies is now showing consolidated volume from over 140+ exchanges.  This is utmost important when applying Wyckoff Technical Analysis.   We are showing this software in use on our social media sites, and will be launching for subscription in near future. 

We have an active Discord channel where we discuss the Crypto markets.  We have had huge success and if you trade Bitcoin you might like monthly access at $40 a month. Join Here

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 1029 students enroll since its launch on June 22, 2017.    On June 28th, 2018 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 Cryptocurrency, 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.

If you would also like to follow us on twitter for news and trade ideas, follow “WyckoffonStocks“, “LearnCryptoShow“, or “WyckoffonCrypto“.   We have given numerous profitable trades to our subscribers on the Youtube channel, as well as Twitter.  

Good Trading,

Todd Butterfield