Crude Oil is getting hung up at the wedge lows right now. We broke through them a little bit and popped back up and keep chopping from side to side. I am looking to take this long up to the BMT at 106.12 and higher to the wedge highs above that. If we push lower, I will begin looking short below the current lows.
The Euro is pushing lower into the minor wedge low a bit further below us. We have yet to test it so I am looking to sell this back down to test that level FIRST before looking to switch directions and buy this market back up to the 1.3429 - 1.3464 highs. If we do push lower, I would like to see at least a close below the minor wedge low for confirmation.
Gold is beginning to wedge VERY tightly. We usually break out of a wedge around the 70% of completion and we are directly on top of that. I am looking to buy this up to the wedge high and hold it for a possible blow-off higher to the wedge higher. If we continue lower, I will also be looking short back to the wedge low for a blow-off to the bottom side.
The Russell created a newly formed wedge high but it was also a near double top. I am looking to sell this back down for double top completion before looking long from the lows around 1008.2 back to the wedge highs. We are nearing 70% of this wedge so we may see a blow-off in one of the directions and both are appealing. One has the BMT above it and the other has the swing low below. Keeping my eyes open for both! Come join us in the room and see how we do it!