Wyckoff Wave Did A Spring Of Its Support Level.

The Wyckoff Wave was up for the week.  Volume was higher on Monday’s selloff, and Tuesday’s recovery, and then back to low levels.
The O-P was up for the week.
The Force Index was down for the week.
We have been looking for continued sideways action in our trading range.  It continues….
The Technometer is working towards overbought, but appears more upside before that will happen.   So we will look for a rally up to the resistance line.

The Wave and OP are trading somewhat in harmony.  The OP closed weak Friday, and the Wave held higher…..

In the larger picture we continue to see range bound trading.  For the time being, it appears we can expect still more.
The Technometer was oversold as we hit the support from the AR (Automatic Reaction), as we had mentioned last week, so we expected a bounce back into the trading range.

The Wyckoff Wave Growth Index (WWG) was up for the week.  Volume was slightly lower on the rally.
We were on the sidelines looking for lower, and Mondays sharp selloff was just what we wanted.   But, on that selloff it was so quick, that we did not get a buy signal off of our indicators.   So we are still on the sidelines for now.
Technometer is overbought, so we expect a little higher this week, and then we will be looking for another deeper correction.

The SPY finished the week with a four day rally.   On the SPY, we also look for a little further rally early in the week, then an opportunity to make another short term top.
Technometer is overbought, and we would like to see it get more overbought, before we issue a sell.

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The bond market was flat for the week, after our Technometer reached overbought again on Tuesday, as shown by the red arrow.
Our Technometer is still at overbought readings, so I suspect the blue uptrend could be in jeopardy this week.

The GDX finished the week down slightly.
Technometer is at neutral, but we are short and expecting more downside price action.

The long dollar ETF, UUP was up slightly for the week as expected.
The Technometer is still at neutral and price is consolidating.  We would like to see a slight pullback to possibly give us another buy signal.

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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. 
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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
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Good Trading,

Todd Butterfield

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