January 13, 2021 — WEDNESDAY AM
The ES is trading within a narrow 4-day range and is building energy for another move. However, with price trading below yMid, we could see a move to yLO and perhaps lower, as a shakeout leg may still occur. With both the ES and NQ, any pullback should be seen as a buying opportunity on a swing basis, but a strong low needs to develop first. Crude Oil has pushed strongly through the 50 level, which has led to a transition to higher market structure, which spans from 50 to 65. As long as price can remain above 50, the next upside target is 65 by the end of Q1. Has Gold found a strong low? If so, we may see a return to the impulse mid of 1889.
Cheers!
Frank Ochoa
Author, Secrets of a Pivot Boss
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