Crude Oil is currently at its developing wedge low. As this low is still developing I won't be placing much weight on it. I am looking to continue this move lower in Crude Oil to 103.45 which is the next swing low support below us. If we do pop back up, I will be looking long back above the wedge low for a move higher to 106.10 at the BMT.
The Euro is currently falling down from its push higher from last week which created the wedge high. I will be looking short in the short term for a bit of profit taking back to the wedge low which also lines up closely with the BMT at 1.3413. I will also look for longs as well if a solid pattern sets up to go back to the wedge highs for a potential blow-off to the top side.
Gold is pushing lower to the wedge lows below us. We are in a bit of consolidation at the moment but overall the pressure is down. I will be looking short to the wedge lows as well as a potential blow-off to 1296.7 - 1286.7. Once we get to the wedge lows, then we can begin to look for long signals back to the BMT first at 1341.7 and then the wedge highs further up.
The Russell is pushing lower to the wedge lows this morning. I am looking to sell this lower to the wedge low and for a possible blow-off which may come with strength to the BMT a bit further down at 1059.1. Once we reach the wedge lows, I will be looking to take the market back long again to the wedge highs. Come join us in the room and see how we do it!