OCTOBER 18, 2023 — WEDNESDAY AM
The ES, NQ, and YM continue to develop narrow multi-day ranges, and are now on their 7th day of development. The ES range is currently the most organized, but each range is likely to keep prices in check today, as the market awaits Fed Chair Powell Thursday. Eventually, a breakout from these ranges will trigger the next breakout move. A bearish FNH is developing in Crude Oil at 2-day highs. 88 is the pivot to watch in Crude. Gold continues on a path to 2000.
Cheers!
Frank Ochoa
Author, Secrets of a Pivot Boss
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