Wyckoff Wave Consolidating & Holding Gains!
The Wyckoff Wave continued adding on to the gains from the recent lows into mid week. Then we experienced two days of selling to end the week. Volume was at very low levels.
I have been expecting a rest over the last week or more, and we have finally gotten that started. The Technometer was overbought and it has returned to near neutral. We need a little more pullback to give us another long entry setup. Possibly we have had a small jump of resistance, and a backup, but volume would need to return strong to the upside to confirm.
The Technometer is near neutral with a reading of 45.6.
The OP/Wave are moving in unison.
The Wyckoff Wave Growth Index traded slightly higher last week. Volume here was once again average.
We have been looking for some backing and filling here, and a Technometer back near neutral. Last week’s action helped us get closer to that. Would like to see a slightly more correction, and a near oversold Technometer. Otherwise, the recent price action appears bullish.
Technometer is off overbought with a reading of 47.
The SPY closed the week flat, on lower volume.
Here as well looking for consolidation, and a reset in our Technometer. Volume has slowed recently, and it appears that is happening in more of the correction area. Technometer is back below neutral, so action is appearing bullish.
The Technometer is neutral with a reading of 43.6.
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The bond market closed higher every day last week, on average volume.
We have been expecting this market to work up to the supply line of the recent downtrend.
The Technometer is at neutral with a reading of 44.5.
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.
Technometer is near overbought with a reading of 48.5.
The long dollar ETF, UUP closed the week slightly lower after some volatility. Volume was average.
We are on sidelines but want to be short.
The Technometer is nearing oversold with a reading of 41.
Bitcoin also worked sideways to slightly lower last week as expected. worked higher last week as well. Volume has been low/average.
We have shown bullish intermediate divergences in blue, and we have stayed bullish on Bitcoin.
With stocks looking still sideways to down possibly short term, we expect Bitcoin to probably do the same. But we look for higher prices still.
Our Technometer for Bitcoin is nearing oversold with a reading of 42.5.
ATOM – Atom was up for the week on a slight increase in volume.
We have shown the bullish divergences with the blue arrows, and it appears this is helping the price release to the upside now.
Technometer is near neutral now with a reading of 45.4
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Good Trading,
Todd Butterfield
