With bearish prices now bouncing up to their respective halfway points, reversals or continuations ensue, writes Trevor Smith of Trevor's Trading.
Markets are in countertrend bounce mode, but may pause Fibonacci halfway points in second waves up before resuming waves three down—I’ve written this before and honestly do not know how it goes, directionally. Crude oil is a price exception to the other symbols I track, because it is at the top edge of daily-chart Bollinger Bands with less room to rally than the other markets.
Disclosure: I’m long using Nadex binary options on a weekly long trade for a close/move >4037 strike.
My last article entitled, Positive News for Monthly-Turn Traders stated space weather events near May third, 11, and 15 may coincide with bearish sentiment…before they did. My trade idea alert: “150-point rally possible” preceded a 173-point rally in reality. I reiterated my prediction of food riots/insecurity now happening in multiple locations, also noting I continue to viscerally feel the people’s suffering. My expected third change in strategic leadership players in the Ukraine conflict may have occurred, but I don’t think so.
As of May 16, 2022, nine of ten projected ranges printed.
Next Two Weeks’ Predicted Ranges
E-mini S&P 500 (ES=F)
High Range 4084-4065 Low Range 3965-3920
Bullish rangein rally continuation possible until it stops. Space weather/non-terrestrial event dates that may coincide with bearish sentiment at May 30, June 1.
Bitcoin (BTC)
High Range 33611-31545; Low Range 29500-27367
Neutral-bullish ranges; 41210 is May’s monthly pivot price pulling from above
Euro FX
High Range 1.165-1.058; Low Range 1.042-1.038; 1056-39
Neutral-bullish; 1.071 as May monthly pivot.
Gold (GC=F)
High Range $1861-$1830; Low Range $1788-1771
Bullish range. Bearish candlesticks prevail-eventually. Monthly- 20-Moving Average support.
Crude Oil (CL=F)
High Range $119.00-116.08; Low Range $106.50-103.80
Neutral ranges. Yearly pivot: $40.19; $46 level is possible-eventually.
Prior Predicted Ranges (Written April 30, for May 1-15, 2022)
E-mini S&P 500 High Range 4310-4278; Low Range 4125-4090
Bullish range 150-point rally possible. Space weather/non-terrestrial event dates that may coincide with bearish sentiment at May third, 11, & 15; option chains disagree, traders may place high range lower.
Actual: 4303-3855
Bitcoin
High Range 41580-40669; Low Range 38025-36550
Neutral-bullish ranges; 41210 is May’s monthly pivot price pulling from above.
Actual: 40100-25350
Euro FX
High Range 1.172-1.066; Low Range 1.051-1.038
Neutral-bullish; 1.071 as May monthly pivot.
Actual: 1.0658 (1.066)-1.036
Gold
High Range $1927-$1912; Low Range $1879-1866
Neutral bullish range. Bearish candlesticks prevail-eventually.
Actual: $1910-$1797
Crude Oil
High Range $109.00-106.40; Low Range $102.48-100.80
Neutral ranges. Yearly pivot: $40.19; $46 level is possible-eventually. For now, a $115-level stops run higher on short traders selling the monthly-chart-candle prints soon.
Actual: $111.18-$98.20
Trevor Smith is a technical market analyst/forecaster who is registered as a Commodity Trading Advisor. You can view Trevor’s Trading here.
