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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Are new “Pulse of The Market” charting software for Cryptocurrrencies is now showing consolidated volume from over 100+ 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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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
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Good Trading,

Todd Butterfield

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