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Notes for Tonight’s Newsletter:
Crude Oil is range-bound and trading near the lows this evening and a recent bear-wedge at the lows tells us to expect price to correct higher in the short-term with a rotation target overhead. We have a range-rotation target overhead at 33.54 and we will give the buyers two attempts to reach that level. If the buyers fail to reach the highs of the range, we expect to see the bears attempt to make a measured-move and most likely test 29.82 before the buyers get another shot at sending this higher.
E-mini S&P is range-bound with a bull-bias this evening and with a recent test of the highs we can expect the sellers to push back to the lows where the buyers will be waiting to trap the sellers and send this price back to the highs. We have yet to attempt a breakout of the range, which tells us to look for a failure at both sides, but the bias is bullish so the most reliable opportunity will be a trap-low to send it higher. We will be using 'range rotation' tomorrow for the best clues, especially if the rotation fails.
Gold is bullish and trading at the highs of the range which tells the bulls to take profit and wait for a correction lower before buying more tomorrow at a cheaper price. We have a bull-channel and a trading range to work with at this time which tells us to look for buying opportunities during the rotation back to channel highs and to look for an opportunity to buy the low of the range after a bear-trap.
Euro is bullish this evening and rotating off the lows of a major bull channel which tells us to keep focused on buying on the way up to completing the move to channel highs and the measured-move. This week has been nothing but BULLISH which tells us we may see a correction lower before this price finishes the move higher so bulls will stay patient for a 'trap low' around the major support levels listed below, and if price pushes higher they will be looking for pullbacks on the way to channel highs and a long-term measured-move target overhead.
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