Wyckoff Wave Ready To Rally?

Todd Butterfield Week In Review 0 Comments

The Wyckoff Wave was down for the week.  Volume decreased slightly again.

The O-P was down for the week.

The Force Index was down for the week.

With this week’s selloff, we now have put some Wyckoff labels on the action.  We could be completing a “back up” here.

The Technometer is at extreme oversold supporting the above case that we are ready to try the upside.

The Wyckoff Wave and OP are moving in unison.

In the larger picture you can see our Wyckoff markings.  If we are completing a “Back Up”, then we should be ready for a strong rally here.

We like this setup, and the oversold Technometer as shown in green has us looking for a reversal to the upside as well.

The Wyckoff Wave Growth Index (WWG) was up nicely for the week as expected.  Volume continues at lackluster levels for the time being.

We are long some Nasdaq type stocks on last week’s selloff as previously stated.  We have now took out the pink line overhead resistance, and have our sites on all time highs.

Technometer is nearing overbought but you would expect that on a strong move thru resistance.  We are holding long and closely monitoring.

The SPY finished the week higher.  Technometer is now near neutral, but still leaves us room for further upside price action.

We had mentioned the reasons the previous week on why we had bought, as follows.     “You can see the OP is hitting a new low for the last two weeks, while price holds higher, this is a bullish divergence on a short term time frame (as shown by the blue arrows).  Then, the Technometer got close to oversold as well” (as shown by the green circle).

The following is follow up comments on some of our recent longs for our ProTraders.

YETI – in nice uptrend, but Technometer is overbought.  We will look for a little higher.

ATVI – In uptrend, but Technometer is overbought.  We will look for a break above short term resistance here and still higher.

The intermeidate divergence as shown by the blue arrows, should be able to take us higher.

SQ – has lagged some, but we look for still higher.

MSFT – has responded to the upside nicely, and should have more gas in the tank to take us higher.  Technometer is overbought but I think we can work higher.

Blue divergence here should give us more upside as well.

SI – Had a spring and looks like a successful test as we speak.

We have an oversold Technometer as shown in green.

Following chart is not labeled as we just bought near Friday’s close.  To get real-time buy/sell recommendations you must join ProTraders.

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The bond market was up for the week, once again as expected.

Our Technometer is overbought as shown by the red circle, so it appears we could now respect the resistance of the blue overbought uptrend line.

We are trailing protective sell stops, and will watch closely to exit long positions soon.

The GDX finished the week only slightly lower as expected.

We now have a neutral Technometer, but prices are looking like they could still work lower, if we can break last weeks short term support shelf.

We will stay short with protective buy stops above us.

The long dollar ETF, UUP was up for the week.

The Technometer is extreme overbought and we are at a previous short term top.   We will be looking to exit any longs here, and stand aside.

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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 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

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Good Trading,

Todd Butterfield

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