MAY 20, 2022 — FRIDAY AM
Given the overall downtrending nature of this market, any test at yHI should be watching for bearish FNHs, which could lead to a return to yMID, followed by what could be come bearish outside days down. The ES and NQ remain within the boundaries of developing 2-week trading ranges, so acceptance above yHI, however unlikely, could lead to strength within the range similar to what happened last Friday. Overall, the expectation is to return to yMID, with a shot at new lows ahead. BTC and ETH continue to build out their respective narrow trading ranges, which are building energy for huge breakout moves ahead.
Cheers!
Frank Ochoa
Author, Secrets of a Pivot Boss
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