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Notes for Tonight’s Newsletter:
We have another big day ahead of us on Friday with some very important clues coming early in the overnight session; Crude Oil and Euro are bearish while Gold and the S&P are bullish as we head into ‘Rollover-Friday.’
Crude Oil is bearish and trading inside a triangle this evening which tells the sellers to look for traps at the highs and targets back at the lows as price retreats back to the $50 round number tomorrow.
E-mini S&P is bullish and trying to finish a measured-move back to today's high and we have a wedge on the chart which tells the buyers to look for traps below recent swings for the most reliable buying opportunities tomorrow.
Gold is bullish with a spike & channel this evening but a completed measured-move and a test of the major channel high tells buyers that this price is too expensive to buy here and to wait for a correction for the most reliable opportunities tomorrow.
Euro is bearish and trying desperately to finish the measured-move target this evening with two tries from the sellers which tells the buyers to be looking for a failure and a deep correction higher if the buyers can’t finish the job when the market re-opens in Asia.
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