AUGUST 13, 2021 — FRIDAY AM
The ES remains on a quiet path higher, as price continues to honor the bullish PEMA trigger zone. Based on the recent key range, the ES has a significant target up above at 4545, which could be hit down over the next week or two. The NQ has remained mostly weak all week, but developed a strong rejection of yLO in the previous session, which could finally lead to higher lows and higher highs today. Above 15100 opens up the upside. Crude Oil appears to have rejection yLO, and could become a bullish outside reversal today, with a shot to reach 70. Meanwhile, Gold has returned back to the scene of the origin of Sunday’s flash crash, reaching the 1765 market structure level. This is a very important pivot that will determine if 1835 is next.
Cheers!
Frank Ochoa
Author, Secrets of a Pivot Boss
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