"When popular opinion is nearly unanimous, contrary thinking tends to be most profitable. The reason is that once the crowd takes a position, it creates a short-term, self-fulfilling prophecy. But when a change occurs, everyone seems to change their mind at once."
Notes for Tonight’s Newsletter:
These markets are really moving for us this week! Crude Oil and Gold continue to push higher towards big-round-numbers, and the Mini-Russell collapsed off the highs today. We have new trading opportunities on Thursday… are you ready?
Crude Oil is bullish, and volume confirmed the new highs today so we stick to the buy-side, but stay patient because we expect a deeper correction to buy because we see and undershoot of the channel-highs on our way up to the $50 target.
Gold is bullish, and with volume confirming today's new highs we will continue to buy the pullbacks to support levels below us on our way up to $1200 and the many targets we have waiting above!
Russell is bearish after a massive collapse today; we used the range-expansion to find support at the lows and we expect prices to move back higher to re-test the range-lows from last week before trying to push lower again.
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