Wyckoff Wave Going To Extend Last Week’s Gains?

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The Wyckoff Wave traded lower for the week, after being sharply lower into Thursday’s sharp reversal higher, on average volume.

We have been bullish recently expecting more upside.   Last week’s action gave us a nother “spring”  of the recent trading range, and we continue to be bullish.

We would like to see a low volume consolidation now, and an important test of last week’s lows.   This will have us ready for upside price action thereafter.

Technometer is near oversold with a reading of 40.47.

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The OP and Wave are trading in unison.  

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The Wyckoff Wave Growth Index traded sharply lower on the news of the Russia invasion, but swiftly recouped those losses to end the week only down slightly.  Volume was average, but did increase on Thursday’s strong reversal to the upside.

We feel the WWG can continue higher this week, and we stay bullish.   Would like to see a low volume test of Thursday’s low, for a clear signal we are ready to resume upside action. 

Technometer is still near oversold with a reading of 40.56.  

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The SPY closed the week slightly higher, on slightly higher volume as well. 

We were bullish to start the week, and did see persistent selling before the end of week reversal higher.   Thursday’s action looked like a strong spring of the previous months low, and we look for still higher, after a low volume test of that low. 

The Technometer is above neutral at a reading of 45.95.

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The bond market closed almost exactly flat for the week.  We still think this market can work higher in the weeks ahead. 

The Technometer is near neutral with a reading of 45.26.

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The GDX closed the week slightly lower .  Volume was average on the week’s sideways trading action.

We think Precious Metals can still continue to rally, as we think the Dollar is making a top.

Technometer is near overbought with a reading of 49.10.

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The long dollar ETF, UUP closed up for the week, after being strongly higher into Thursday’s Russia news.  Volume was light.

The action looks like a more important upthrust on Thursday’s news inspired rally, and we are bearish. 

The Technometer is overbought with a reading of 52.15.

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Bitcoin also was down for the week in sympathy with the Nasdaq into Thursday’s reversal to risk-on assets.  It also experienced a strong rally to end the week.

We have showed some bullish divergences in blue and pink, and we stay bullish on Bitcoin. 

We also registered an oversold Technometer for Bitcoin on the selloff, and now we are at a neutral reading of 43.70.

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Good Trading,

Todd Butterfield

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