Wyckoff Wave Going To Correct?

The Wyckoff Wave was down for the week.  Volume increased slightly on this week’s selloff.
The O-P was down for the week.
The Force Index was down for the week.
The Technometer is at neutral.
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The OP and Wave are in unison.

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The Wyckoff Wave experience selling most of the week on a slight increase in volume..
We have been expecting lower prices since our sells of Jun 3 and 5th.  No strong downside progress has been made, and Friday’s selloff was reversed.
The Technometer is neutral, and we are still expecting further weakness.
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The Wyckoff Wave Growth Index (WWG) was up for the week.  Friday’s strong rally was mostly reversed into the close.
The Technometer is also neutral here, and we will still look for lower prices to test the bottom of the recent range.
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The SPY finished the week higher as well.  We had been looking for an upthrust but did not get the needed volume follow through to the downside.
The Technometer is at overbought levels, so possibly still could get an upthrust early this week.  We are short from June 3rd and 5th as shown by the blue arrows.  The dashed uptrend line has been broken but the previous resistance found support, so we are worried shorts.
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The bond market closed higher once again for the week as expected.
Our Technometer has been at dangerous overbought levels but we thought we could continue still somewhat higher.
You can see as we have marked by the blue arrows, that the OP has went to new highs the last few months while price has not.  We think this has bearish longer term implications.  We want to be short this market soon, as we are up against previous resistance and could upthrust this area.
For now we expect the TLT to continue to work higher if stocks correct over the short term.
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The GDX finished the week slightly higher.
Our Technometer is at neutral levels, and we are short with losses.
Sentiment is extreme bullish and we would expect a slowing of this rally, and a correction.
Our past overbought Technometers have not lead to any selling, so we might have to reevaluate this trade early in the week if we do not see some selling.
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GDXJ is more overbought on the Technometer.
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The long dollar ETF, UUP was down for the week once again.
Volume increases some this week, but no major selling came in.  We could be testing the previous shakeout from a few months ago.
Sentiment is extreme bearish and we look for this market to make a low in this area.
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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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