Wyckoff Wave Ready To Turn Back Higher?

The Wyckoff Wave spent last week in correction mode. Volume was at very low levels once again.

I was expecting a little more pullback before entering more long positions.   The correction was a little deeper here then I would have liked, but volume has remained extremely low.    The Technometer is still around  neutral, as sell volume is not appearing here.   We are still looking for higher prices.

The Technometer is neutral with a reading of 44.9.

The OP/Wave are moving in unison.    

The Wyckoff Wave Growth Index traded lower last week as expected.  Volume here was also on the low side. 

We have been looking for some backing and filling here last two weeks to relieve the Technometer from its overbought levels.  Last week the Technometer returned to 41.88, which is getting near oversold.   The recent price action still appears bullish.  

Technometer is near oversold with a reading of 41.9.  

The SPY closed the week slightly lower, on lower volume. 

Here as well looking for consolidation, and a reset in our Technometer.  Volume has slowed recently, and it appears that is happening in more of the correction area.  Technometer is still near neutral, so action is appears bullish here as well. 

The Technometer is near neutral with a reading of 45.6.

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The bond market closed lower every day last week, on average volume. 

We had been expecting this market to work up to the supply line of the recent downtrend, but for now it has extended its losses.  Are indicators have not given us much help in this market, thus no positions.  

The Technometer is near neutral with a reading of 42.9.

The GDX closed the week slightly higher, on low volume.

We have been friendly the Metals market recently, but was expecting sideways after the buying climax.   We still expect more sideways, here and a possible long entry soon.  Let’s look for a return back to the $36 level.

Technometer is overbought with a reading of 51.4.

The long dollar ETF, UUP closed the week higher.  Volume was average.

We are on sidelines but want to be short.  With the rally to a new recovery high, we will be looking for upthrust type action here.

The Technometer is nearing overbought with a reading of 47.8.

Bitcoin also worked lower last week as expected.  Volume has been low/average.

We have shown bullish intermediate divergences in blue, and we have stayed bullish on Bitcoin. 

With stocks looking possibly slightly lower next few days, but higher in the weeks ahead, we look for the same for Bitcoin. 

Our Technometer for Bitcoin is nearing oversold with a reading of 42.2.

ATOM – Atom was down for the week on extremely low volume.

We have shown the bullish divergences with the blue arrows, and we still think ATOM will turn higher from these levels. 

Technometer is neutral now with a reading of 44.1

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Good Trading,

Todd Butterfield