Michaël van de Poppe, the founder of MNConsultancy, observed that the market is gaining momentum but anticipates a retracement leading up to the release of the Consumer Price Index (CPI) data on November 13. He identified a “sweet spot” for entries, suggesting a 10% correction toward the CME gap before continuation.
Van de Poppe’s target range for this retracement lies between the 38.2% Fibonacci retracement level at $75,669.64 and the 61.8% level at $81,193.13.
He also highlighted $66,729 as an “ideal area to hold” and pointed to $64,130.63 as a potential level where liquidity could be taken out, signaling areas where market participants might seek to fill orders before prices move higher.