AUGUST 05, 2024 — MONDAY AM
All markets are melting down in a major way ahead of the RTH open, with the ES down over 4% and the NQ down over 5%. Perhaps the biggest movers are BTC and ETH, with are down 20% and 25%, respectively. The current 3-day meltdown is among the largest since the initial Covid meltdown, and more downside could be seen ahead if key market structure levels are taken out. Expect more downside ahead for the ES, NQ, and YM, as they continue to approach last quarter’s lows. Can these markets eventually find strong lows and develop new key ranges? That would be the best case scenario for bulls, but seems unlikely at this time.
Cheers!
Frank Ochoa
Author, Secrets of a Pivot Boss
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