Wyckoff Wave Overbought, Trying To Hold Gains.

Todd Butterfield Week In Review 0 Comments

We are still having an issue with the calculation of our Wyckoff Wave that are developers are working on.   This week there will be no Wyckoff Wave chart.  The Wave did work slightly higher again last week as expected.

Apologize for the inconvenience.

The Wyckoff Wave Growth Index (WWG) finished the week slightly lower last week.  As mentioned we needed more positive action last week with higher volume to the upside, but we did not get it.  The action does not look very bullish to start the week.

Technometer is near overbought at a reading of 47.9.

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The SPY finished the week higher as expected.

The SPY held its gains late in the week, in face of an extremely overbought Technometer.   This is positive action thus far.

We would like to see the Technometer come off of overbought while the SPY continues to hold higher.  We think after some early trading this week, we could still try to extend the last two weeks rally.

The Technometer is near overbought at a reading of 54.4.

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The bond market was down slightly for the week as expected.  This market could continue Friday’s recovery, but we think at some point we will turn lower once again.

The Technometer is near overbought, with a reading of 47.5.

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The GDX continues to press higher as expected, but did have a quick reversal lower on Friday.

Technometer has quickly came down to oversold.   We like the action here for continued strength in GDX.   Price has rallied nicely, while the OP has reset to oversold.   We look for higher…..

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The long dollar ETF, UUP was down slightly for the week as expected.  Our Technometer is now extreme oversold, so we could have a bounce at any moment.  If it doesn’t bounce it will show how internally weak it is.

We are bearish intermediate term.

The Technometer is extreme oversold at a reading of 30.38.

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IMPORTANT ANNOUNCEMENT: 

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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. 

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 1028 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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