This “Slingshot” Breakout Could Be Easy 15x Tomorrow!
Oh boy, here we go again!
Another big move today means plenty of great trades to look forward to tomorrow…
The Emini and Nasdaq are bearish into a trading-range, and the only trade you need on Thursday is this “slingshot breakout”!
Crude Oil is bearish too, and the size of today’s move tells me there are (2) different pullbacks you need to be watching on Thursday…
These markets have been awesome this week – let’s keep the good times going!
E-Mini S&P (ES):
The Emini is bearish into a trading-range, with sellers trying to complete a pendulum-swing rotation back down through the lows.
Sellers have control, and they’ll be looking for entries on the way down to the lows of the range, along with breakouts through the pendulum-swing target.
Buyers have to be patient right now. They can wait for proof of a breakout going higher, or they can buy a double-bottom reversal off major lows.
E-Mini Nasdaq (NQ):
The Nasdaq is bearish into a range, with sellers looking to rotate back to the lows.
Sellers have momentum on their side, and they’ll be looking for entries on the way back to range lows, as well as strong breakouts through the pendulum-swing.
Buyers need to be careful right now because momentum often swings quite hard off the highs of a range. They can buy a double-bottom reversal off the lows, or a 123-breakout going higher.
Crude Oil Futures (CL):
Crude Oil is bearish with a large move down today, suggesting either a range or deep pullback is likely tomorrow.
Bears have control of momentum and we can assume they’ll be looking for shorts at key resistance levels overhead, along with breakouts if we keep pushing lower.
Buyers should stay patient for either a double-bottom reversal, or proof of a shift in momentum with a 123-Reversal going higher.
