Wyckoff Wave Still Looking Constructive…

The Wyckoff Wave traded slightly lower for the week, on lower volume.

We was looking for more upside action off of the “last point of support”.   Price action still looks constructive.

With last week’s selloff we have the Technometer nearing oversold, which was what we were wanting.  Therefore, we will be on the lookout for a return to upside price action.

Technometer is nearing oversold at a reading of 41.17.

The OP is leading the action to the downside which is what is making our Technometer move to oversold.  Would like to continue to see negative volume here early in the week, while price tries to hold.  This will give us a solid oversold reading.

The Wyckoff Wave Growth Index was mostly trading sideways for the week, before Friday’s sharp selloff to end the week.  Volume was slightly lower.

The WWG index has spent the last 7 trading sessions moving sideways, and now testing the previous low.   We continue to stay bullish and look for higher price action.

Technometer is now slightly below neutral with a reading of 43.35.

The SPY closed the week lower as well, on average volume.

We was looking for sideways here, and then higher.  The news on Russia brought in some selling on Friday, but we think the markets are trading constructive and can continue higher after this selloff, and test of the previous lows. 

The Technometer is below neutral at a reading of 43.11.

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The bond market closed lower for the week, after Friday’s sharp reversal to the upside.    We was on the lookout for a spring, and Friday’s action would fit that.   Strong volume on the recovery higher, and now we need to see more strength in the days ahead, and a successful test.  

The Technometer is near oversold with a reading of 41.17.

The GDX closed the week sharply higher.  Volume was higher to end the week.

We think Precious Metals can rally in the face of a weak Dollar.

Technometer is overbought with a reading of 50.47.

The long dollar ETF, UUP closed slightly higher on low volume.

This week’s rally looks like a low volume corrective rally, before a return to more downside action.  We are bearish the Dollar. 

The Technometer is near neutral with a reading of 43.04.

Bitcoin has been correcting the recent gains, as the Nasdaq has helped pull the price of Bitcoin down.  We expect Bitcoin to return to higher prices, once stocks can find support.

You can see at the most recent low, the OP had went to new lows below the May-July lows, while price did not.  This is a bullish divergence, with sell pressure increasing while price holds a higher low.

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Good Trading,

Todd Butterfield