October 22, 2020 — WEDNESDAY AM
Is the ES developing a bullish FNL (failed new low) pattern? As of right now, the rejection of prices below 3-day lows is bullish, and could lead to more strength ahead. However, there’s an uphill climb ahead, as the ES must reclaim wLO, yMid, and ultimately must get through 3460 in order for significant strength to be seen. If not, we may see another round of new lows ahead, as the pattern of lower highs and lower lows remains intact. The NQ remains range-bound between 11585 and 11800, and Crude Oil is back to the sticky 40 level. Gold remains range-bound, but is building significant energy. Bulls need above 1940.
Cheers!
Frank Ochoa
Author, Secrets of a Pivot Boss
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