Breakouts from narrow ranges are on the way for gold, S&P futures and bitcoin. Trend followers can join gold, bitcoin, and, possibly, depending on its behavior, crude oil, writes Trevor Smith of Trevor's Trading.

Expect some range extensions or range expansions during the next two weeks. These breakouts are supported by pivot math, range math, time pivots, and news events. Crude oil, gold, and bitcoin may travel the farthest price distances, and traders may want to join whatever trend direction prices take.

My last article highlighted earnings season’s gaps and breakout attempts that occurred. It also mentioned space weather dates for "bearish sentiment (that) may be near October 15, 19, and 26" that were predictive of the new high top-and-drop on October 26-27. I described how larger time frame traders’ bear trade orders could be large enough to jump-scare day traders, and one intraday down spike went six points in one minute! My gap confusion trade setup happened several times, failing on October 14-15 but winning on October 25 & 29, 2021. Market internals symbols placed on a daily chart with directional consideration on October 13-14 could have kept traders out of the bad trade’s’ directions on subsequent days. Also, bars subsequent to the confusion bar off the open did not take out lows in confirmation as another screening method. 7 of 10 projected ranges printed as of October 31, 2021.  

Next Two Week’s Predicted Ranges (Written October 31, 2021)

E-mini S&P 500
High range 4644-4630; low range 4573-4556
Neutral-expanded bearish range. Space weather dates for bearish sentiment may be near November 3, 7, 9, and 15. Yearly Pivot: 3225;

Bitcoin
High range 63400-60715; low range 58500-55510   
Bearish ranges; option chain skew is still very bullish but technical are bearish. See monthly chart.  

Euro FX
High range 1.161-1.158; low range 1.155-1.150
Bullish-neutral ranges under moving average pulls from above. 1.160 monthly pivot target on the table.

Gold
High range $1808-$1792; low range $1782-1776
Neutral ranges in narrow range.

Crude Oil
High range $84.96-83.00; low range $77.95-76.12       
Bearish ranges. An attempt by the monthly chart bear candle to reach the yearly pivot: $40.19, as a sudden, sharp news-sparked price thrust down to $54-$46 Fibonacci 50% level that quickly recovers is possible. Negative divergence appearing in charts—prepare for at least a minor pullback!

Prior Predicted Ranges (Written October 31 for October 31-November 15, 2021)

E-mini S&P 500
High range 4425-4400; low range 4313-4269
Neutral range. Space weather/geomagnetic storms/solar winds influence a more bearish sentiment around October 15, 19, and 26. Monthly-turn and calendar date buyers who prefer buy dates near the 19th should have opportunities to buy dips by both time pivots and space weather. Monthly-chart bearish engulf candle should eventually cause another bear move—those traders are already selling all rips. The higher time frame traders trade such huge lot orders that these are the bears who jump-scare you! Yearly Pivot: 3225;
Actual: 4615-4426

Bitcoin
High range 62200-58120; low range 52515-50510   
Bearish ranges; option chain skew is very bullish. See monthly chart.
Actual: 67680-57855

Euro FX
High range 1.171-1.165; low range 1.157-1.152
Bullish-neutral ranges on moving average supports. 1.169 monthly pivot target on the table.
Actual: 1.170-1.154

Gold
High range $1814-$1800; low range $1774-1760
Bullish ranges by narrow-range, pivots-based breakout setup, seasonality, technicals.
Actual: $1815-1760

Crude Oil
High range $84.92-82.43; low range $77.95-76.12      
Bearish ranges. Range expansion expected. An attempt by the monthly chart bear candle to reach the yearly pivot: $40.19, as a sudden, sharp news-sparked price thrust down to $54-$46 Fibonacci 50% level that quickly recovers is possible. Negative divergence appearing in charts—prepare for at least a minor pullback!
Actual: $8541-8058

Trevor Smith is a technical market analyst/forecaster who is registered as a Commodity Trading Advisor. You can view Trevor’s Trading here.