Wyckoff Wave Testing The Lows?

The Wyckoff Wave New Index (WWN) traded higher for the week, on low volume.

We have been bullish recently expecting more upside.   Last week’s action did nothing to change that.  We was hoping for some backing and filling on low volume, to prepare us for the next leg higher.

Technometer is neutral with a reading of 44.21.

The OP is leading the Wave higher.  

The Wyckoff Wave Growth Index traded lower for the week on continued Russia News.  Volume was lower as we was wanting, so so far so good. 

We need the WWG to complete a successful low volume test of the lows, and turn higher on stronger volume.  

Technometer is still near overbought with a reading of 46.89, and we would like to this to come off these high levels to support further rally attempts.  

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

We were looking for a low volume pullback last week to test the previous low.   We did that sideways correction, and volume did fall back some.  Let’s look for a successful test, and a return to higher prices. 

The Technometer is near overbought at a reading of 49.22, as the OP continues to stay strong here as well like the WWN.

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The bond market closed higher for the week, on slightly higher volume.  We still think this market can still trade higher. 

The Technometer is near neutral with a reading of 44.32.

The GDX closed the week sharply higher, on average volume.

We have been long Precious Metals as we feel the Dollar is making a top.  The Dollar has stayed strong, but metals have stayed strong as well.   With an overbought Technometer, we would expect a rest here, before higher.

Technometer is near overbought with a reading of 52.81.

The long dollar ETF, UUP closed up sharply for the week with the continued Russia news.  Volume was average.

We still feel the trading action here is bearish, and being propped up by the news backdrop.  We are looking to enter shorts, but still on the sidelines.  

The Technometer is neutral with a reading of 45.31.

Bitcoin also was down sharply for the week in sympathy with the Nasdaq falling on Russia news.   Volume was average to start the decline, and was extremely low last two days.

We have showed bullish divergences in blue and pink, and we stay bullish on Bitcoin. 

Our Technometer for Bitcoin is near oversold again with a reading of 39.48.

ATOM – Atom continues to trade very well for the bull case.   Nice rally on increasing volume, and a selloff on lower volume.

We have the bullish divergences as show in blue, and a near oversold Technometer.

Technometer is at 42.34, and previous readings around 40.80 have given us good buy zones.

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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. 

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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 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

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Good Trading,

Todd Butterfield