The Wyckoff Wave Making Short Term Low?

Todd Butterfield Week In Review 0 Comments

The Wyckoff Wave experienced a selloff on Monday, then spent the rest of the week trying to recover the losses.  We closed the week down slightly on slightly higher volume.

The O-P had been slightly weaker than the Wave on the mid month rally, as well as the recent selloff.  The O-P once again closed at a new low for the move on Friday, while the Wave held above its lows for the week.   This continues to be a bullish divergence.

The Force Index rallied slightly for the week, but still applying downside pressure at a reading of -429.  Would like to see the Force turn up from these levels to allow the Wave to rally.

The Technometer closed the week coming off an oversold reading and still below neutral.

 

 

The intraday chart for last week shows the under performance of the OP versus the Wyckoff Wave (WW) with the OP making a new low for the week.  As mentioned above, the OP is in a positive divergence with the Wyckoff Wave on the daily chart, and should lead to another rally attempt by the Wyckoff Wave.

 

 

The one year daily chart shows the Wyckoff Wave trading in an uptrend on an intermediate term basis, and near the previous purple support line.  With the Technometer once again registering near an oversold reading, I would expect the Wave to try and rally back to the overbought line of the blue uptrend, as well as the purple resistance line of the recent trading range.

 

 

The Wyckoff Wave Growth Index (WWG) spent the week trading slightly lower like the Wyckoff Wave.  It is now trading in the middle of its recent uptrend, but appears to continue to be able to trade higher.   Its Technometer reading is now below neutral so will allow another rally attempt.

 

 

The bond market also traded higher for the week.  Its Technometer is extreme overbought and you can see the OP continues to make new highs while the TLT is underperforming.  We consider this action bearish and still look for lower prices.

 

 

IMPORTANT ANNOUNCEMENT:  We will soon be launching our “Pulse of The Market” for Cryptocurrrencies.  This software will have consolidated volume for the Crypto’s which will be most important when applying Technical Analysis. We have had delays in the launch as we are now trying to bring in volume from 89 exchanges.

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 928 students enroll since its launch on June 22, 2017.   On June 28th we added lessons detailing the OP, Force, and Technometer and how to use these Wyckoff Tools for analysis.

If you are interested in Cryptocurrency news and Wyckoff chart analysis, search “Learn Crypto / Wyckoff SMI” or click this link https://www.youtube.com/channel/UCDxK2PwEDvoaHZgjPV_WgcA

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Good Trading,

Todd Butterfield

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