Wyckoff Wave Did Pullback To Previous Resistance at 59,400 As Wanted, Still Looks Like It Could Consolidate More.

The Wyckoff Wave finished the week lower as expected, on average volume.

We had been wanting lower, and at least a pullback to $59,400 or lower.   We did get that last week, but we are still not excited about the upside.  Let’s look for a little more backing and filling in the week ahead. 

The Technometer is near neutral at 43.6.  

 

The OP lead Price higher up into last week’s highs.  Let’s see if the OP can work lower from here and Price follow. 

 

WWN – The Wyckoff Wave New Index traded basically sideways all week, on average volume. 

We are still trading near overbought on our Technometer, and we look for some weakness in the coming week. 

You can see here the OP keeps making new highs, while Price has lagged.  

Currently the Technometer is near overbought at 48.1. 

 

The Wyckoff Wave Growth Index was slightly higher for the week, on average volume.

We would expect to see still lower here as well. 

Currently the Techometer is nearing neutral at 45.9.  

 

The SPY rallied strongly to end the week higher, on average volume.

We was looking for lower here as well, and it reversed higher on us.   It doesn’t appear this is a strong move to the upside, and could turn lower once again.     

The Technometer is overbought at 50.1.

 

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The bond market as shown by the TLT, traded higher last week, on low volume.

We was looking for some upside price action, but now with an overbought Technometer we would expect lower from here in the coming week.   

The Technometer is overbought at 49.5.

 

The Wyckoff Wave Metal Index was only down slightly for the week, on low volume. 

The OP here also reached new highs to end the week, while price is sideways.   We would think there is still more downside in the week ahead.    

The Technometer is near overbought at 47.8.

 

The long dollar ETF, UUP was sideways in a narrow range last week, on low volume.

We can still see the Dollar bounce a little to correct the recent decline, then turn down again. 

The Technometer is neutral at 45.3.

 

Bitcoin finally experienced a sharp rally last week, on low volume.   

We spoke of a low risk buying opportunity into our labeled BackUp.   We didn’t get the exact setup we wanted here, so we are still on the sidelines for our Trading positions.  

We could still see some downward price action in the coming week, to setup a low risk buying opportunity. 

Technometer is neutral here at 44.

 

Ethereum also rallied last week, on low volume. 

We was looking for lower to repurchase and has spoke of $1,850 as being downside support.   That area did provide a rally attempt off an oversold Technometer.

We are still on the sidelines, and would expect another buy setup lower in the coming week.    

Technometer is neutral at 44.3.

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Our Wyckoff Wave Crypto Index (WWCI) was deeply oversold last week, and that did provide a bounce as expected.

We are now at neutral on our Technometer, and could see a pullback here in the coming week as well. 

 

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Good Trading,

Todd Butterfield