Wyckoff Wave Trying To Rollover?

The Wyckoff Wave was up slightly for the week as expected.  Volume was once again below average.
The O-P was up for the week.
The Force Index was also up for the week.
The Technometer is above neutral.  We could see the Wave work a little higher early in the week before rolling over.

The Wyckoff Wave and OP are moving in unison.

The Wyckoff Wave traded sideways for the week.  We are looking for the Wave to turn lower and correct the recent advance.  The Technometer is slightly above neutral, but not giving us a strong sell signal as of yet.

The Wyckoff Wave Growth Index (WWG) was higher again last week as mentioned.
The Technometer is now overbought so we think the rally here slows, and we turn lower for some type of correction.

The SPY finished the week higher as well.  We had taken profits on longs to early, and now have entered a short SPY position as shown on the chart.
The Techometer is overbought and we think the rally slows here as well, and begins some type of correction.
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The bond market was basically flat for the week.
Our Technometer has been at oversold levels, so we expect this market to make a low here, while stocks top out.

The GDX finished the week slightly higher against our expectations.
The Technometer is extreme overbought as shown by the red circle.   We are still short and looking for further weakness.

The long dollar ETF, UUP was down for the week.
The Technometer is oversold, and I think allows us to turn higher again.
The last two buy divergences as shown by the blue lines, were accompanied by oversold Technometers as marked in green, and has kept us moving higher.  We have the same setup again for the third time.

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Good Trading,

Todd Butterfield

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