Wyckoff Wave Correction Over Or Just Starting?

Todd Butterfield Week In Review 0 Comments

The Wyckoff Wave was sharply lower for the week as expected.  Volume was slightly higher.

The O-P was down for the week.

The Force Index was down for the week.

The Technometer was extreme overbought, now nearing oversold.

 

The OP and Wyckoff Wave are in unison.

 

The Wyckoff Wave turned sharply lower last week from its buying climax, as we had called for.

The Technometer was at extreme overbought levels, and we had rallied to resistance as shown by the blue trading range.  At those highs sentiment was extreme bullish, so we have to work this off.

Our Technometer did come close to oversold which has us on the lookout for maybe some sideways activity.  But, we are of the opinion that there is lower prices still ahead.  

 

The Wyckoff Wave Growth Index (WWG) was up slightly for the week.

The Technometer is now neutral, and we expect this market to continue to follow stocks lower in general.  It is still outperforming to the upside.

 

The SPY finished the week sharply lower.

The Technometer was extreme overbought, and now nearing oversold.  We still expect lower prices.

If you want more current up to the minute updates, please join our ProTraders/Private Discord.

We are still short stocks here as mentioned last week.  Join Here

 

The bond market closed sharply higher for the week, after registering a selling climax as we had drawn attention to.

Our Technometer was near oversold and now nearing overbought.

We would expect the TLT to work higher as stocks continue to work lower.

 

The GDX finished the week basically flat.

We had expected a bounce last week which we got into Thursday morning.  At that time the Technometer also registered overbought.  After two days of selling the Technometer is still near overbought.

We are not sure of short term action here.  We are bearish metals in general….

 

GDXJ has been much more sideways last few weeks, and our Technometer is near oversold.  We are watching closely for the Technometer to register more to overbought for a short sell.

 

The long dollar ETF, UUP was up slightly for the week, reversing weeks of losses.

Volume was not impressive on the rally, so we are on the sidelines.  Wednesday could have been the low that we have been looking for…

 

IMPORTANT ANNOUNCEMENT:  We are close to launching a new version of our “Pulse of The Market” charting software for Cryptocurrrencies.  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 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.  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 1021 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

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.