Wyckoff Wave Trying To Dig Out?

The Wyckoff Wave spent last week sideways then higher on Thursday to end the holiday shortened week.  Volume continues at very low levels.

I was wanting a slightly more oversold Technometer before entering more long positions.  The Wave did meet some support where it needed to and has tried to turn higher.   Let’s see if the coming week we can extend our gains and get of trouble.  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 45.

The OP/Wave are moving in unison.    

The Wyckoff Wave Growth Index traded lower Monday, then sideways the rest of the week.  Volume continues to diminish.

We had been looking for some backing and filling last two weeks to relieve the Technometer from its overbought levels.  We did touch an oversold reading of 36 on Tuesday, which for now did halt the decline.   We are now back at 43.3 and the rally has not gotten into gear.  Overall we think the price/volume action is still positive. 

Technometer is back near neutral with a reading of 43.3.  

The SPY closed the week lower, on low volume. 

Here as well looking for consolidation, and a reset in our Technometer.  Volume has slowed recently on this recent correction, so we think the action is bullish overall.  The, Technometer is nearing oversold so we are still in the bullish camp. . 

The Technometer is near oversold with a reading of 40.5.

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The bond market closed sharply lower last week, on slightly higher volume. 

Our indicators have not given us much help in this market, thus no positions.  

The Technometer is near neutral/overbought with a reading of 46.9.

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 support level near $36.

Technometer is overbought with a reading of 51.9.

The long dollar ETF, UUP closed the week slightly 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 overbought with a reading of 53.3.

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

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

With stocks close to finding their low, we think Bitcoin will do the same. 

Our Technometer for Bitcoin is nearing oversold with a reading of 40.9.

ATOM – Atom was down for the week as well 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 oversold once again now with a reading of 40.8.

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Good Trading,

Todd Butterfield