Wyckoff Wave Turning Down Again?

The Wyckoff Wave was up for the week.  Volume was at low levels.
The O-P was up for the week.
The Force Index was up for the week.
The Technometer is near overbought.

The OP and Wave are in unison.

The Wyckoff Wave was up early in the week, then sideways to end the week.  Volume was at low levels.
We have been expecting lower prices since our sells of Jun 3 and 5th.  Not much upside progress has been made by the Wave, but it has yet to turn down again.  We are still looking for a correction from these levels.
The Technometer was at overbought Thursday so this might be what will finally gets us moving to the downside.

The Wyckoff Wave Growth Index (WWG) was down for the week, after Mondays strong upside reversal.  Fridays close looks week, and we expect sill lower prices.
The Technometer is above neutral and will allow more downside.

The SPY finished slightly higher for the week.  We have been looking for a successful upthrust and test, but so far we are just holding at resistance.
The Technometer is still near overbought, so possibly we could have a more inportant upthrust this week.   We are looking for some type of correction here, and will be on the lookout for a possible sell entry.
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The bond market closed slightly higher for the week as expected.
Our Technometer has been at overbought levels but did come off of extreme overbought during the week.   We have now had a sideways pattern form in last week, and we feel this will lead to further upside.
We expect the TLT to continue to work higher as stocks correct.

The GDX finished the week higher.
Our Technometer is at overbought levels, and we are short with losses.
We are bearish metals here and expect lower….

GDXJ Technometer is not as overbought as GDX.

The long dollar ETF, UUP was down for the week.
Volume is lacklaster as well as price action, so we are on the sidelines looking for a long entry.

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Good Trading,

Todd Butterfield