Wyckoff Wave Consolidate This Week?

The Wyckoff Wave has rallied into previous resistance with an overbought Technometer.

I would expect a rest here, and the Technometer to cool off, before another attempt at higher.

The Technometer is at overbought with a reading of 50.43

The Wyckoff Wave Tape Reading Index (WWTR) traded higher for the week as well, on average volume.

We have been bullish recently expecting upside price action.  With last week’s rally to resistance, and an overbought Technometer, we look for a consolidation before higher.

Technometer is now overbought with a reading of 52.76.

The OP is leading the WWTR Index, which is giving us the overbought Technometer.  

The Wyckoff Wave Growth Index traded nicely higher last week as expected.  Volume here was once again average. 

We have been talking of a successful test of the lows would prepare us for another opportunity to rally, which we got.   We took out the recent downtrend line, and now look for some consolidation before higher.

Technometer is now overbought with a reading of 52.85.  

The SPY closed the week higher, on average to slightly lower volume. 

We have been looking for a low volume test of recent lows, and a return to higher prices, coming off the extreme oversold Technometer last week.  With the Technometer now overbought here as well, let’s look for some backing and filling before higher.   

The Technometer is now overbought with a reading of 51.48.

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The bond market closed lower for the week.  We still think this market can spring the recent lows, and work higher. 

The Technometer is at neutral with a reading of 44.17.

The GDX closed the week slightly lower as expected, on low volume.

We have been friendly the Metals market recently, but was expecting sideways after last week’s buying climax.   We still expect more sideways, here and a possible long entry soon.  

Technometer is near overbought with a reading of 46.83.

The long dollar ETF, UUP closed down last week, on low volume. 

We have leaned bearish the Dollar, but the Russia news has kept a strong bid here for prices.   We are on sidelines but want to be short. 

The Technometer is neutral with a reading of 44.28.

Bitcoin worked higher last week as well.   Volume has been low/average.

We have showed bullish intermediate divergences in blue and pink, and we have stayed bullish on Bitcoin. 

With stocks looking down/sideways, we expect Bitcoin to do the same.

Our Technometer for Bitcoin is nearing overbought with a reading of 48.37.

ATOM – Atom was up for the week on low volume.

We have the bullish divergences as show in blue, and continued oversold Technometer readings.

Technometer is at 39.9, and previous readings around 40.80 have given us good buy zones.


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Good Trading,

Todd Butterfield

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