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"A goal is not always meant to be reached. It often serves simply as something to aim at." - Bruce Lee.
Notes for Tonight’s Newsletter:
All four of our markets are trading inside ranges this evening which means we are using those range highs and lows for breakout patterns on Thursday… are you ready?
Crude Oil is range-bound with a bullish bias as we 'rotate' from high to low and now back up to the highs at $49.00; We see a bullish spike & channel which tells us to keep looking for buying opportunities until we see it fail, and if it does fail we will look for a strong re-test of the range-low down at $44.00 and possibly even lower.
E-mini S&P is range-bound and bullish this evening after sellers failed to complete the rotation back to the lows of the range, which was followed by a strong break of the highs up to the mid-line of the bull-channel. Our plan is to look for buying opportunities going back to the original range we started the week to complete the measured-move.
Gold is range-bound and sellers are currently rotating price back to the lows of the range, but it appears they have run out of bullets. We expect the buyers to try and move this back to the range-highs at 1146.0 and we will keep our eyes open for them to fail which will send price down to the lows at 1125.3
Euro is range-bound and bearish and headed to fill the gap at 1210 after buyers tried and failed to keep price moving higher. Our targets are back at the lows of the range at 1181 and then we will look for sellers to try and fail at the lows for a buying opportunity back up to the highs.
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