Can I Sell This Trend Reversal?
We’re back for the 3rd week of December and this week is packed with big news events that are surely going to give us some great set-ups…
Crude Oils and Gold are back inside their weekly ranges, but did you see the Eminis?
The Emini ES and Nasdaq tumbled off last week’s high and it looks like it’s time to start selling, right? But wait, before you sell this reversal, make sure you watch tonight’s newsletter because you might re-think your strategy – are you ready?
Oil is Back to Where We Left Off, But Where to Next?
Crude Oil is bullish and back into the range from last Friday’s close, which tells me to look for buy setup underneath the range using seller-failure patterns…
And if these buyers can keep pushing higher, I’m watching for a 2-try breakout pattern before we get back up to re-testing last Friday’s high.
E-Mini S&P Bears Have Control, But Will It Last?
E-Mini S&P is bearish after a strong move down to finish today’s session, but look closely and you can see we began today’s session inside a range…
And since “what starts in a range usually ends in a range”, my plan is to look for a crown reversal pattern to send price back up into the range from today’s open.
The Pendulum is WAY too convenient on Nasdaq…
Nasdaq is bearish with a strong run lower this afternoon, but did you see the range at the beginning of the session? How about the pendulum-swing? Did you notice how this deep pullback is right on that pendulum-swing support?
Knowing this, I’m not convinced it’s time to sell (yet), because I’d rather wait for the sellers to try twice so I can buy for a rally going back up to this morning’s open.
Do You See the Expanding Triangle on Gold?
Gold is bearish into a narrow trading-range, which tells me to look for sell setups using buyer-failures above the range, while keeping an eye open for a crown reversal pattern to buy off the lows.
And how about a possible short-covering rally? If the buyers can get their butts in gear, we can use a 2-try breakout pattern to catch the reversal with a target going up to re-test last week’s high.
“I discovered a long time ago that if I helped people get what they wanted, I would always get what I wanted and I would never have to worry.”
