Wyckoff Wave Still Searching For A Bottom

The Wyckoff Wave closed the week down again, on an increase in volume.

We was hoping that prices would try to hold early in the week, on reduced volume.   This was wishful thinking as we opened sharply lower Monday, and continued lower for the rest of the week on an increase in volume.   

This action is keeping us on the sidelines for now.

The Technometer is slightly below neutral at a reading of 43.7.  

The Wave and the OP are somewhat moving together.  

WWN – The Wyckoff Wave New Index was also down for the week on an increase in volume.   This index has been slightly weaker then the Wave recently.   

We was looking for a successful test, but did not get it with the continued weakness.   The action was not bullish last week, so we are on the sidelines for now.

The Technometer is near oversold with a reading of 41.26.  

The Wyckoff Wave Growth Index was up slightly for the week, on low volume.  

This market did not get oversold Monday as hoped, and ended the week neutral.  We look a little more friendly here, and I have shown what could be shortening of the thrusts, and a possible low trying to form.   We will watch action early in the week here.

The Techometer is near neutral at 44.9.  

The SPY closed the week sharply lower, with a slight increase in volume.

Here also we did not get a successful test, and price closed on near the lows for the week.  We were near oversold on the Technometer, but now have quickly moved to 46.2.   This is not the action I wanted to see for the bullish case.  We are on the sidelines for now.  

We are neutral/overbought on the Technometer at 46.2.  

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The bond market closed slightly lower for the week, on an increase in volume.  

We was thinking the TLT could make a low last week, and try to begin a corrective rally.  It did reverse off of the lows late in the week, but the Technometer is now extreme overbought.  Once again, not the type of action we want to see for higher prices.   We are on the sidelines.  

The Technometer is extreme overbought with a reading of 53.8.

The GDX closed the week lower, on an increase in volume.

We did not hold last Friday’s gains with Monday’s sharp selloff to new lows for the week.   It still appears that we could work higher from here and respect the previous support at $29.66.   We are near oversold on the Technometer, so lets look for this market to try to turn higher.   

The Technometer is near oversold at a reading of 41.1.  

The long dollar ETF, UUP closed the week slightly higher on a slight increase in volume.

We was looking for a test of the highs, and a turn lower.   It appears we got that, and can work lower from here, and possibly back to the $27 level.   

The Technometer is neutral with a reading of 45.1.  

Bitcoin traded sharply lower Monday of last week, and continued lower until Saturday’s low. 

We was looking for stocks to possibly have a successful test last week, and Bitcoin do the same.    As mentioned above, this did not happen, and we continued subdividing lower.  The Technometer was nearing oversold, and now at 42.4.   We could see this market work higher here, as it seems the selling is over for now.   We will watch to see when our Technometer nears overbought to reassess the situation.   

Our Technometer for Bitcoin is nearing neutral at 42.5.

IMPORTANT ANNOUNCEMENTS: 

We launched our WyckoffSMIChina.com site late March, for our China community.  Check it out!

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 1029 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.

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Good Trading,

Todd Butterfield