Disclaimer: For educational use only. I’m not dispensing financial advice. We are having an intellectual conversation (you and I) on the topic of trading the Emin futures using the Lens of Wyckoff Principles and the Eyes of WB’s clock. The clock that controls all turns intraday, every day!
“For now, at least the low may be in. Most of the volume should have shifted over to the new contract. I said that yesterday and I’m doubling down today. I still see the same. Most securities just retraced their previous day’s range. The June contract is closing out today. So, the volume will be a better tell. I know “chicken little,” says the sky is falling but that is when the big money is made…”
That’s what I said last Friday and where are we today? Taking out the highs. It was a perfect storm unless you got caught against the wind…
Yesterday, the spill seemed to confirm the day would flip, and then the bulls dropped the soap at 11:20 am as the price retraced the day’s gain. A pull back to the half back of the previous day found a bid and it was off to the races up to the close. This sets the next three days. We have a series of higher high lifting supports and price is probing into pockets of supply. Next target 3834 then 3864 handle.
Looking Forward Friday, June 23, 2022
As I write price is trading at 3818 handle. After the close price dipped to find a bid just above the 3800 handle. A forty-handle-up trend has found some supply as the price is checked at the highs.
Bulls have eyes for the 3833 and then the 3843 as mentioned above. Potential slight pullback. If price is going to move. It should start to move up and lift offers in its way.
Biden got a win late yesterday. Not sure how that will be reflected in the market today…
