Wyckoff Wave Ready For A Bounce From Last Week’s Selling?

The Wyckoff Wave was down for the week.  Volume increased slightly on the selloff.
The O-P was down for the week.
The Force Index was down for the week.
Last week’s selloff was not what we was looking for with our labelings.  We think possibly we could still be completing a “spring”, and could see further rally attempts.
The Technometer is still near oversold levels which could help rally atttempts.

The Wyckoff Wave and OP are moving in unison.

In the larger picture we changed our Wyckoff markings.  We think we can bounce here, so the “spring” is shown as such.
The oversold Technometer as shown in green, has us looking for a correction of last week’s selloff.

The Wyckoff Wave Growth Index (WWG) was up for the week as expected.  Volume continues at lackluster levels for the time being, but increased slightly.
We are still long some Nasdaq type stocks as shown last week.  We think these stocks will continue higher this week.
Technometer is back to near neutral, and think allows us further rally attempts.

The SPY finished the week lower.  Technometer is near neutral, and as the Wyckoff Wave, we think we could still bounce here at the support line of the uptrend channel.

If you want more current up to the minute updates and trades as shown above, please join our ProTraders/Private Stock Discord.  Join Here
If you are a Crypto Discord Member, and would like the ProTraders/Private Stock Discord as well, you can have access for only $20 a month.   Join Here
The bond market was up strongly for the week, once again as expected.  The FED meeting ignited a strong rally, as everyone is looking for the economy to now slow, and many leveraged overcrowded positions got liquidated.
Our Technometer did not get more overbought on the rally.
We are still long and will continue to monitor.

The GDX finished the week sharply lower as expected.
We now have a deeply oversold Technometer as expected on such a strong break lower.
We are still short and will monitor.   We might try to cover this week and wait for a more overbought Technometer.

The long dollar ETF, UUP was up sharply for the week.
The Technometer is still extreme overbought, and we are back to a previous breakdown level.   I would think we could trade sideways here to relieve the overbought Technometer, then see if we can break resistance on next oversold Technometer reading.   But it seems, the long term shorts might have a problem on their hands.

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 1026 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

Related Articles

Responses

This site uses Akismet to reduce spam. Learn how your comment data is processed.

ProTraders Announcement​

We moved our two subscriptions to a Discord channel

Now you can Join us on Discord Channel