January 22, 2020 — WEDNESDAY AM
The ES and NQ continues to push to new all-time highs, and are currently holding above two-day highs, which we will watch for intraday weakness. Any weakness is likely to be short term, as all pullbacks should be buying opportunities until proven otherwise. Crude Oil remains on a path lower, with a target of 54 likely ahead. Gold remains within a very narrow range, with a breakout likely coming soon.
Cheers!
— Frank Ochoa
Author, Secrets of a Pivot Boss
As you mentioned in this analysis, all indications point down for crude. However, it wasted no time hanging on to those levels… Soon afterwards it just took a nose dive and ended right where it is trading now around 55 level.