Wyckoff Wave Tested The Lows, Ready To Rally Further?

Todd Butterfield Week In Review 0 Comments

The Wyckoff Wave was up slightly for the week,  after Monday’s sharp selloff.  Volume was average.

The O-P was down for the week.

The Force Index was also down for the week.

The Wave fell below the recent support line two weeks ago, then rallied back to it.  This last week it appears that we tested the low from the previous week and could rally further this coming week.

The Technometer is at 41.9, and will support a rally this week.

This image has an empty alt attribute; its file name is WW_1D-2021.10.03_2-26-47-PM-1024x557.png

Last week the Wave and OP traded in unison.

This image has an empty alt attribute; its file name is WW_5M-2021.10.03_2-23-21-PM-1024x557.png

In the larger picture for the Wyckoff Wave, we have fallen thru the ice, or are springing the support level.   We had thought last week that we was probably witnessing a fall thru the ice and rally back to the ice.   With Thursday/Friday action and the near oversold Technometer, we will allow for further rally this coming week.

We could have had a spring and last week was the test, and we could rally nicely back into the trading range.

The Technometer is near oversold, and allows further rally.

This image has an empty alt attribute; its file name is WW_1D-2021.10.03_2-24-07-PM-1024x557.png

The Wyckoff Wave Growth Index (WWG) finished the week lower on average volume.   Last week’s selloff has tried to respect the blue uptrend support line.   With the oversold Technometer we think we rally from here next week.   We will see if strong volume comes in on the expected rally.

Technometer registered near oversold, and supports a rally this week.

This image has an empty alt attribute; its file name is WWG_1D-2021.10.03_2-19-05-PM-1024x557.png

The SPY finished the week lower as well.

We have broken the intermediate uptrend for the SPY.   But last weeks late action looks short term bullish.  We couldn’t extend the losses Friday and rallied nicely on good volume.  We  have been looking for continued sideways action, and not a strong down move.  Last week’s action thus far backs that notion.

The Technometer is near oversold, and supports a rally here.

This image has an empty alt attribute; its file name is SPY_1D-2021.10.03_2-20-01-PM-1024x526.png

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 down for the week as expected.  Middle of the week we had an oversold Technometer and stated we could rally from the lows.  We did have a slight rally, but thus far doesn’t appear to support a strong rally from here.   Looks lower after a little more rally….

The Technometer was oversold and in a couple days went right back to overbought.  The action here looks bearish still.

This image has an empty alt attribute; its file name is TLT_1D-2021.10.03_2-20-31-PM-1024x526.png

The GDX finished the week slightly lower.

Technometer is neutral, and we have no strong opinion here.

This image has an empty alt attribute; its file name is GDX_1D-2021.10.03_2-20-48-PM-1024x526.png

The long dollar ETF, UUP was up for the week off of the support of the oversold Technometer.

The Technometer is neutral and moving to overbought.  We will watch this to hopefully enter a short position on a possible upthrust.

This image has an empty alt attribute; its file name is UUP_1D-2021.10.03_2-21-23-PM-1024x526.png

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 1028 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

Leave a Reply

Your email address will not be published. Required fields are marked *

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