4 Channels for Tuesday | SchoolOfTrade Newsletter 04/25/16

Crude Oil is bearish this evening but we're trading into the measured-move target which means we likely only have one more leg down before the sellers take their profit and wait for a bullish correction higher tomorrow possibly back to the highs of a pending bear channel. E-mini S&P is bullish on the way to completing the measured-move this evening which tells us to keep looking for buying opportunities but we're also running into resistance overhead which will likely cause the buyers to look for a 'trap-low' tomorrow before we see this move completed. Gold is bullish and coming off an overshoot of a bull channel high so we expect to see price rotate back to the channel lows before trying to rotate back to the highs tomorrow but we can also see 'falling resistance' overhead which may play a key factor in how successful the buyers are tomorrow. Euro is bullish with a spike & channel this evening which tells us the buyers will be looking for opportunities using a 'trap-low' back at support levels below or pullbacks if they continue this move to rotate back to the channel highs. Read less