I’m calling “a low is in/near” as Indices’ 7th wave down (Daily chart) completion coincides with monthly-turn buyers before October even starts, writes Trevor Smith of Trevor's Trading.
In my “reversals” charting grid, seven-of-nine understudies indicate a reversal rally, countertrend buy point here on a daily chart for indices. It is merely an opinion, but the studies that show bullish divergence in groups of three are ADX, MACD, Triple-CCI, Mass Index, Money Flow Index, OnBalance Volume, Williams’ Percent, Bollinger Band Percent, and Chaikin Money flow (13 setting).
As a cautionary note, the Yearly chart is bearish with an extreme reversal candle so far. Similarly, Crude Oil has an inverted hammer so far that, if halfway up the green candlestick’s tail were the downside target, its two-year target price is near my dream-state premonition price of near-$50/barrel in summer 2024.
My last article described my visions of a mining operation in an icy cold place, possibly Europe that started rather innocently but may deteriorate into a human/workers’ rights issue with regards to working conditions; as a nurse, I care about the people and do not like blood on mine-shaft walls, even if only in my brain-injured premonitions. International Council on Mining and Metals’ sustainable and responsible development with its list of dedicated mining companies comprising nearly one-third of industry subsectors is the opposite. Gold prices, also on a reversal rally technical setup may act as a proxy for the metals/mining sector, including rare earth, and lanthanide-series elements in my visions such as Cerium, etc. that are found in Mongolia, Europe, California, and Brazil.
My last article entitled, “Dogs of the Dow for Dog Days of Summer “predicted bullish market character for the most part, and one of my space-weather-related down day projections worked (August 22) when the trendline broke to the downside. I was wrong about Bitcoin being bullish but directionally correct on the Euro and Crude Oil. For August 2022, nine of ten projected ranges were printed.
October’s Predicted Ranges (Written September 28, 2022)
E-mini S&P 500
High Range 3943-3843 Low Range 3690-3667
Bullish range. So bullish that I could be lowballing its high side- even 100 points off at 3843. Omitting bearish space weather content for this month, as traders would be lucky if it goes lower than the current 3700. If I’m wrong, check the 200-week moving average for support below if it takes out Sept. 28 candle’s low.
Bitcoin
High Range 21500-20657; Low Range 19300-18551
Euro FX
High Range .9902-.9832; Low Range .9658-.9561
Neutral-bullish.
Gold
High Range $1701-$1685; Low Range $1642-1621
Bullish range. Read about commodity supercycles and mining. $1,758 Aug. monthly pivot support.
Crude Oil
High Range $85.50-84.01; Low Range $78.98-77.70
Wide ranges. Strongly trending, multi-timeframe, narrow-range break setup. $46 level is possible-in 2024, based on an unfulfilled dream state premonition before the $56 pullback traded.
Prior Predicted Ranges (Written July 31, 2022, for August 2022)
E-mini S&P 500
High Range 4190-4145 Low Range 3999-3968
Bullish-neutral range. Space weather/non-terrestrial event dates may coincide with bearish sentiment on Aug. 1, 4, 7, 9, and 22.
Actual: 4327-3953
Bitcoin
High Range 26060-24560; Low Range 22393-22028
Bullish ranges; 22482 is Aug. monthly pivot price.
Actual: 25,270-19,345
Euro FX
High Range 1.036-1.029; Low Range 1.016-1.009
Neutral-bearish; 1.026 as Aug. monthly pivot.
Actual: 1.039-0.9916
Gold
High Range $1820-$1790; Low Range $1758-1737
Bullish range. Read about commodity supercycles and mining. $1,758 Aug. monthly pivot support.
Actual: $1,824-1,720
Crude Oil
High Range $106.50-103.37; Low Range $94.98-92.21
Wide ranges. Strongly trending, multi-timeframe, narrow-range break setup. $46 level is possible eventually, based on an unfulfilled dream state premonition before the $56 pullback traded.
Actual: $97.66-85.88
Trevor Smith is a technical market analyst/forecaster who is registered as a Commodity Trading Advisor. You can view Trevor’s Trading here.
