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Notes for Tonight’s Newsletter:
Crude Oil is bearish with a late-session trading-range which means our plan tomorrow will be to look for selling opportunities at resistance areas above using buyer-failures and reversal patterns to follow the trend back down. The most important levels overhead will be the range-expansions at 44.45 and 44.83 because the day ended in a clear trading range.
E-mini S&P is bearish with a spike & channel down in today's session so we expect to see a profit-taking correction up off the lows, followed by buyers failing to buy the pullbacks for the best selling opportunities tomorrow. Remember this correction could be quite large, so stay patient for those buyer-failure and reversal patterns up around 2088.00 overhead.
Gold is range-bound and sideways this evening with not much to work with so our plan will be to 'fade' all the breakouts using failure patterns tomorrow. We have some interesting levels above and below to use for reversals; the PLOD is down below and the NFP-news gave us 2 levels above to use for areas of resistance, so stay patient and fade those breakouts until the '2try rule' confirms a new direction.
Euro is sideways with a trading-range and price-wedge to work with tomorrow, so our plan will be to sell the highs and buy the lows using failure patterns until we see the '2-try rule' confirm a breakout in one direction. Our biggest clues are the wedge, which will get narrower each candlestick, the PLOD, and the news candle from Friday's Non-Farm Payroll report.
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