The Wyckoff Wave Overbought, Still Looking For Possible Test To 63,000.

Learncrypto video intro LearnCrypto Powered By Wyckoff SMI 2024

The Wyckoff Wave traded sideways for the week, on slight increase in volume due to expiration.

We was looking for lower, and still the same for the coming week.  The Technometer is overbought fially so lets look for a rollover this week.

Let’s look for stocks that are holding up and looking good for purchase on next buy signal.

The Technometer is overbought at 49.7.  

WW Daily 9 17 23 LearnCrypto Powered By Wyckoff SMI 2024

 

The OP was making new highs last week, while price was not, which took our Technometer to overbought.

WW Intraday 9 17 23 LearnCrypto Powered By Wyckoff SMI 2024

 

WWN – The Wyckoff Wave New Index was higher last week, on slight increases in volume. 

We are up against resistance, so let’s look for lower this week.

Currently the Technometer is overbought at 49.8. 

WWN Daily 9 17 23 LearnCrypto Powered By Wyckoff SMI 2024

 

The Wyckoff Wave Growth Index traded slightly lower for the week, on slight increase in volume. 

Let’s look for further weakness this coming week.  

Currently the Techometer is neutral at 43.8.  

WWG Daily 9 17 23 LearnCrypto Powered By Wyckoff SMI 2024

 

The SPY also finished the week lower, on slight increase in volume.

We will work for further weakness here targeting the 433 low.     

The Technometer is neutral at 46.2.

SPY Daily 9 17 23 LearnCrypto Powered By Wyckoff SMI 2024

 

If you want more current up to the minute updates and trades as shown above, please join our ProTraders/Private Stock Discord.  Join Here If you are a Crypto Discord Member, and would like the ProTraders/Private Stock Discord as well, you can have access for only $20 a month.   Join Here

The bond market as shown by the TLT, was down for the week, on average volume.

We was looking for a bounce last week, and did not get it.  We still think as stocks fall, bonds could still try to bounce.

The Technometer is nearing oversold at 40.9.

TLT Daily 9 17 23 LearnCrypto Powered By Wyckoff SMI 2024

 

The Wyckoff Wave Metal Index was up nicely for the week, on low volume, but increase on Friday per all markets.   

We are nearing overbought on the Technometer here, but we think we will continue to try to trend higher.   Looking forward to next oversold Technometer to add to long positions.

The GDX also rallied as expected, and Technometer is neutral.   Let’s look for continued upside from the GDX.       

WWM Daily 9 17 23 LearnCrypto Powered By Wyckoff SMI 2024

GDX Daily 9 17 23 LearnCrypto Powered By Wyckoff SMI 2024

 

The long dollar ETF, UUP was  up once again for the week, continuing its rally on low volume.

We are above the previous six months resistance, but are not comfortable with a position here.   We will stay on the sidelines. 

The Technometer is oversold at 38.4.

UUP Daily 9 17 23 LearnCrypto Powered By Wyckoff SMI 2024

 

Bitcoin’s fell Monday, and spent the rest of the week trying to rally.  Volume continues to be low here. 

We are still on the sidelines and looking for lower in sympathy with stocks. 

Our Technometers are still near neutral, and we would like to see something closer to oversold to reenter positions.  

Technometer is neutral at 44.1.

.

BTC Daily 9 17 23 LearnCrypto Powered By Wyckoff SMI 2024

 

Ethereum price action was the same as Bitcoin.  

We are still on the sidelines looking for a low risk buy setup.  We sold $1,831, and looking for reentry.

Technometer is above neutral at 46.7.

ETH Daily 9 17 23 LearnCrypto Powered By Wyckoff SMI 2024

 

To join our Patron/Discord to get these trades real-time click HERE

 

IMPORTANT ANNOUNCEMENTS: 

We launched our WyckoffSMIChina.com site March 2022, for our China community.  Check it out!

We now have a lower cost version of our Unleashed Course, which is an excellent value at $349.99.  

Click Here 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. 

We have an active Discord channel where we discuss the Crypto markets.  We have had huge success and if you trade Bitcoin you might like monthly access at $40 a month. Join Here

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 Please subscribe and click the bell to be notified of our upcoming broadcasts.

If you would also like to follow us on twitter for news and trade ideas, follow “WyckoffonStocks“, “LearnCryptoShow“, or “WyckoffonCrypto“.   We have given numerous profitable trades to our subscribers on the Youtube channel, as well as Twitter.  

Good Trading,

Todd Butterfield

Related Articles