🔎📉Markets are crashing, Oil as well... for now!
Based on the Commitments of Traders data reported on: Jan 18th 2022
#GOLD Weekly chart continues to range and the bottom line is we need a weekly uptrend to form to enter long otherwise we wait. On the other hand monthly chart shows evidence that demand might break and cause a drop lower.
On the 3 month chart, we have always mentioned how we had a 3 month bearish engulf that was formed and that we should keep an eye on that. Why? Because bearish engulfs typically signal a bearish move until a demand is contacted and with this chart only a switch zone was contacted.
#OIL Monthly demand was contacted and it drove price upward right into the weekly supply area we have mapped out. Weekly supply was removed and now we have a clear chart for a move higher. 🎯Target at 92.05. 🔴High gas price are coming!
$EURUSD Daily demand must hold if we are to see more upside on this chart, otherwise the dynamic will shift and something else may be brewing, like more downside.
#USD I’m watching this daily supply zone here to see if it holds. Reason being is because I’d expect it to hold with the weekly/monthly supply in play, to help facilitate a move lower but if removed that will signal to me that something else may be in play.
$BITCOIN The weekly demand has been removed. We had noticed it was under attack and then came the Goldman Sachs put out a price estimate of 100k. We can now see that Goldman obviously put out that estimate because they wanted to offload their positions. New weekly supply being formed now and room for price to drop to the 12k area.
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