“If we did all the things we are capable of, we would astound ourselves.”
Notes for Tonight’s Newsletter:
Crude Oil is bullish this evening and we expect to see this price continue to push higher into the channel-highs before a measured-correction back lower. We got exactly what we wanted today, and now we need to stay patient for the next correction off the highs, which is likely to come around the highs of the long-term bull-channel around 49.50. If you didn’t get into this move earlier, your best option is to look for sellers to try and fail during a correction.
E-mini S&P is range-bound with a bullish-bias going into Wednesday’s session so we're looking for seller-failures and traps to keep buying. We have a cluster of support levels waiting for us below today's trading-range and we will stay patient to wait for buying opportunities after we complete this correction.
Gold is range-bound with a bullish-bias and we have a breakout of the highs which means we will be looking for the measured-correction lower for the next round of buying. We know that the buyers will be in control above the range-highs at 1141.3 and if they fail we will see price rotate back to range-lows at 1131.8. If buyers keep control we will use measured-moves and range-expansion levels overhead for targets.
Euro is range-bound and completely sideways as it pushes towards the range-highs this evening and we will be watching closely to see how the buyers react at the highs for failures. Look for the buyers to try twice and keep price above the range-highs of 1301 for a bullish push higher. Our job is to fade the breakouts on range-bound markets like these until we see a clear breakout.
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