Wyckoff Wave Still Looking To Correct?

Todd Butterfield Week In Review 0 Comments

The Wyckoff Wave was up for the week.  Volume decreased on the rally this week.

The O-P was up for the week.

The Force Index was up for the week.

The Technometer is at overbought levels.

The OP and Wave are in unison.

The Wyckoff Wave rallied every day this last week, on lower volume.

We have been expecting lower prices since our sells of Jun 3 and 5th, but markets continue higher.

The Technometer is now finally overbought, so possibly this will stop the rally and begin some type of correction.  We are back at previous resistance, so an ideal place to turn lower once gain.

The Wyckoff Wave Growth Index (WWG) was up slightly for the week.  Friday saw an early strong rally mostly erased on large volume, so possibly this will lead to lower prices this week.

The Technometer is neutral here, and we will still look for lower prices to test the bottom of the recent range.

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The SPY finished the week higher as well.

The Technometer is now at overbought levels, and you can see on the one year chart we are back at the previous all time highs.  With the overbought Technometer we are still looking for the rally to slow and a correction of some kind to start.

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The bond market closed lower for the week.

Our Technometer has been at dangerous overbought levels but we thought we could continue still somewhat higher.  The Technometer has came off of overbought and thus far prices are still holding majority of gains.

We still think TLT can hold in this area and we would like to see the character of the next rally.

For now we expect the TLT to continue to work higher if stocks correct over the short term.

The GDX finished the week ever so slightly lower.

Our Technometer just came off overbought levels, and we are still short with losses.

Sentiment has been extreme bullish and we would expect a slowing of this rally, and a correction.  Lets see what the uptrend support line does for us early in the week.  We need to see this uptrend broken and then we will be more comfortable with our short position.

GDXJ is more overbought on the Technometer.

The long dollar ETF, UUP was down slightly for the week once again, after making a new low for the move Wednesday.

Volume has increased the last two weeks, and you can see our Technometer went to an oversold reading on Friday.  Lets see if we can turn this market up and have another plus week.

Sentiment is extreme bearish and we look for this market to make a low in this area.

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Good Trading,

Todd Butterfield

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