Weekly Forex Forecast Nov. 18 - 22: SP500, NAS, DOW, GOLD

This is the Weekly Forex Forecast for Nov 18 -22nd.

The Big 3 Indexes started to pullback last week from there elections fueled rallies. Patience is required, as we look for confirmations of a market shift from bullish to bearish.
Gold also retraced last week, and may may struggle against a surging USD. Patience here will benefit traders, as we wait until the market tips its hand.

Check the comments section below for updates regarding this analysis throughout the week.

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Forecast for EUR, GBP, AUD, NZD, CAD, CHF, AND JPY

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Forecast for SP500, NAS, DOW, AND GOLD:

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ES / SP500

Meanwhile, the +FVG is holding at he mean threshold, and there lies the PWL. Gooo place to sweep SSL and begin the IRL to ERL move, no?

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ES /SP500: Just swept the SSL at the PWL! ☑

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NQ / NAS100: The 4H -FVG held! Prev Weekly Low was swept for the first target! ☑

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YM /DOW: PWL has been swept! ☑

This is the one index I thought was best positioned to rally from the +FVG. Deeper penetration into the FVG to the mean threshold now. We'll see what it does from there.

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ES | SP500

The +FVG held support, never closing past the mean threshold. Pushed up nicely into the -FVG.
Judging by the wick of today's candle, and the fact that it closed above the high of the prev daily candle, we may see price push higher tomorrow.

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NQ | NAS100

Same deal as S&P. The candle closed above the prev candle's high. We can expect today's high to be swept for BSL, and potentially close above the bearish FVG. We'll see.

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ES | SP500

Bias is technically bullish, based on the +FVG still holding support as price deals with the -FVG headwind.
This is a 50/50 situation, and I will be very cautious with an entry either way.

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NQ | NAS100

Bias is technically bullish, based on the +FVG still holding support as price reacts to the -FVG headwind.
NAS is a bit weaker than the S&P, so if I get the entry function for a buy, I will take it in ES/SP500. A sell setup, which would have to be A+, would be taken in NAS.

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ES \ SP500
The +FVG continues to hold, the bullish bias was correct.
I expect to see more of the same tomorrow.

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NQ | NAS100
The +FVG continues to hold support, and price grinds upward. Still dealing with the -FVG, though. The S&P closed above the same -FVG, while NAS struggles to do so.

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YM | DOW JONES
The DOW showed the most strength, finding support in the +FVG, and formed an expansion candle, trading through the -FVG. IRL to ERL now! From the +FVG (internal liquidity) to the Swing High (external liquidity). The draw on liquidity is set at 44625.

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ES | SP500

Price is now reacting to the Daily -FVG. Mindful that the previous -FVG was disrespected, as price found support in the huge Daily +FVG located in discount of the trading range.
We are also trading below the True Open, with potential for the PO3 to play out.
I am looking fo the Weekly Candle to be OLHC, we are trading above the Weekly Open, so it looks like we'll get that high close.
Bullish bias. Looking for NY Session to trade into the -FVG, and potentially above it.

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YM | DOW JONES

The weekly target was not reached... but it is well on the way to doing so. The bullish bias was correct, and we should see the swing high reached next week.

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ES | SP500

The bullish bias was correct. Price continued higher, closing above the previous daily high, and establishing the high of the week.

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GOLD

Price showed no respect to the daily -FVG, trading straight through it. My weekly bias was wrong. The buyers were much more stronger than I thought they would be.

RT_Money

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