MAY 19, 2022 — THURSDAY AM
The ES, NQ, YM and RTY each sold off tremendously in the previous session, with each seeing one of the biggest high-range days of the year. Given recent price action, the market tends to follow up a high-range day with a smaller digestion day, which means today could be more range-bound with a smaller range. The overall downward trend remains intact, with the bearish PEMA trigger remaining in control. Crude Oil has reached our downside targets of 107.85 and 104/105 after reaching the center of its trading range today. Further downward movement could be seen toward the bottom end of the trading range, where another buying opportunity could present itself. BTC and ETH are developing very narrow 5-day ranges, which points to a major breakout opportunity ahead. Currently, a 10,000-point move could be seen in BTC ahead, and over 850 points for ETH.
Cheers!
Frank Ochoa
Author, Secrets of a Pivot Boss
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