Wyckoff Wave More Correction Ahead?
The Wyckoff Wave was down sharply for the week. Volume increased.
The O-P was also down for the week.
The Force Index also down for the week.
The Technometer is near oversold.
The Optimism Pessimism Index and Wyckoff Wave are trading in unison.
The Wyckoff Wave closed sharply lower for the week as expected. Volume increased on the sell off.
We was looking for the Wave to turn lower at resistance two weeks ago and correct. That occurred and last week it accelerated to the downside.
We have returned to near oversold on the Technometer but price action does not look good. We expect lower prices still, after a possible oversold bounce.
The Wyckoff Wave Growth Index (WWG) ended the week lower as well. We had expected the rally to meet resistance, complete a test of the previous upthrust and turn lower.
The Technometer traded near overbought again early in the week, and that was enough to turn us lower again late in the week. We are nearing oversold once again, but appears there is more downside ahead.
We could head to the support line of the blue trading range.
The SPY also finished the week sharply lower as expected.
The Technometer is nearing oversold but price action is bearish. We still expect lower.
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The bond market closed lower for the week after a rally early in the week.
We did get the rally up to the blue support line, and then fell swiftly back down. We have a small long position and not happy with price action. Will make a decision in the days ahead as the Technometer is nearing oversold and we could still bounce some if equities fall.
The GDX finished the week lower as expected.
The Technometer is now neutral, and will still allow further selling. We are at an area that we need to accelerate lower.
GDXJ slightly stronger but still looks bearish. The Technometer was extreme overbought on Tuesday and selling came in. So we are still short here as well.
The long dollar ETF, UUP was sharply higher as we expected.
The long dollar ETF had a nice rally last week which we had called for. We are trying to jump resistance, and need to see further gains here. We are long.
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