3 Patterns for the Reversal
Markets are rebounding higher after yesterday’s “four legged move”, and with strength moves on the charts tonight, I have my eyes on (3) three reliable entry patterns to capitalize on this reversal tomorrow morning – are you ready?
Crude Oil Smells Like a Short-Covering Rally
Crude Oil is still bearish, but a strong bounce off wedge support created a support trend-line on the chart, making it difficult for sellers to find a way back to the lows…
Knowing this, I’m looking for buy set-ups off support levels, such as the low of the range, the low of the Hidden Channel, or a 123-Reversal on Thursday morning…
E-Mini S&P Bulls Waiting for a Pullback
E-Mini S&P is bullish with a strong 123-Reversal off today’s low, which tells me to look for a buy set-up off the low of a new Hidden Channel.
And my favorite entry set-up off the low of the channel is a seller-failure into breakout-pullback with a target going back to re-test the high.
Nasdaq Spikes Higher – Look for These Next…
Nasdaq is bullish with a strong SPIKE higher, which tells me to be prepared for FOUR possible chart patterns tomorrow morning…
And no matter which pattern we get, all of that strength running higher today tells me to be looking to get long into counter-trend sellers on the next deep pullback.
Gold is Bearish Into a Spike & Range
Gold is bearish with a Spike & Range pattern, telling me to look for sell set-ups using buyer-failures above the highs, and buy set-ups using seller-failures below the lows…
And speaking of the lows, my plan is to wait for a test of the 1500 before I look for a crown-reversal pattern going back up to the range high.
Euro is Too Low to Sell – But Where
Euro is bearish and trading sideways just above 10,000, which tells me this is way too low to sell now, and I need to wait patiently to sell into the next pullback.
And speaking of pullback, I have my eyes on the prior lows at 10,350 for key resistance to sell into a buyer-failure pattern tomorrow morning.
“If you relentlessly follow just the few core business philosophies that mean the most to you, and spend all your time there, everything else will naturally fall into place.”
