Wyckoff Wave Overbought and Upthrusting?

Todd Butterfield Week In Review 0 Comments

The Wyckoff Wave was up for the week.  Volume continues at relative low levels.

The O-P was up for the week.

The Force Index was up also for the week.

The Technometer moved to overbought on the close Friday.   We think this rally is near an end here.  We could see a possible upthrust, and then lets see if any follow thru to the downside.

The Wyckoff Wave and OP are moving in unison.

The Wyckoff Wave closed above the recent highs on Friday, but with an overbought Technometer reading.   It doesn’t appear this is a jump as the volume leaves much to be desired.  No real interest up here from buyers, so we are inclined to look for upthrust type action.

The Wyckoff Wave Growth Index (WWG) was lower last week.

The Technometer was nearing oversold on Tuesday which slowed the decline.  We have now bounced to neutral on the Technometer, so we could still a little more rally attempts early in the week.   Then we will look for this market to turn lower once again.

The SPY finished the week slightly higher.

The Techometer finally registered overbought here as well, in lockstep with the Wyckoff Wave.   Lets see if the new high Friday will be reversed this week.   We had been short the SPY but took small losses on Thursday, but we will probably be looking to reenter those shorts in the coming days.

If you want more current up to the minute updates and trades as shown above, please join our ProTraders/Private Discord.  Join Here

If you are a Crypto Discord Member, and would like the Stock Discord as well, you can have access for only $20 a month.   Join Here

The bond market was up for the week.

Our Technometer had been at extreme overbought levels two weeks ago, but now registering below neutral.  We still think the TLT could continue to recover recent losses by resuming its short term uptrend.

The GDX finished the week sharply higher.

The Technometer did register oversold, and a sharp rally to end the week.  We are still short and not happy with short term price action.   We still think the trend is lower so we will give this market a little more room to the upside, before exiting shorts.

The long dollar ETF, UUP closed down sharply for the week.

We are still long this market, and did not stop out at the break of the lows on Friday.  The action is very disappointing for the bulls…..

IMPORTANT ANNOUNCEMENT: 

We have just released a lower cost version of our Unleashed Course, which is an excellent value at $349.99.  Click Here

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. 

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. Join Here

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 1025 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.