“What we can or cannot do, what we consider possible or impossible, is rarely a function of our true capability. It is more likely a function of our beliefs about who we are.”
Notes for Tonight’s Newsletter:
Crude Oil is bullish after pulling-back into the spike & channel correction zone from last night's newsletter and a new bull channel combined with a recent seller-failure tells us to look for buying opportunities on the way to targets overhead. The sellers tried twice to break out of the range this morning and when they failed the buyers took control into a bull channel which has a rotation target back up at the previous high of day.
E-mini S&P is bullish after a double-overshoot sent prices higher this afternoon but we have a few resistance levels in the way so we know buyers will want to see a pullback before they buy more which will open the door for the sellers to take it lower. We had three legs down on the e-mini this morning which turned into a double-overshoot of the channel lows before the buyers took control with a new bull channel. Buyers are running into a few resistance levels overhead, and the bear channel tells us the sellers will try to re-test the low at 1967.25 but they need to get below 1980 before they can feel confident to sell it lower.
Gold is bullish after the ECB announced another round of QE this morning but with three legs higher into multiple resistance levels we can expect professional buyers to wait for a deep correction before looking to buy more tomorrow. The spike & channel on the chart has a 'grind break' to a new high which tells us to expect another leg higher into the measured-move range overhead, but with three legs higher into the falling resistance trend-lines and double-up resistance we know more traders will think this price is too expensive to buy up here so we will be waiting for a 2-legged-correction off the highs and look for a trap-low before buying more tomorrow.
Euro is bullish with two spike & channels this evening, but with three legs higher into measured-move resistance we will stay patient for the best opportunities coming around the correction zone waiting below. Price responded with bullish strength after Super-Mario announced additional stimulus for the euro this morning and we have two spike & channels which give us two separate correction zones to work with for the buyers tomorrow. The measured-move and three legs higher tell buyers to wait for at least a 2-legged-correction off the highs and sellers will be look for aggressive opportunities to sell into this rally tomorrow.
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