Crude Oil is currently at a channel low but is still forming the wedge low as we continue to fall. I am looking to take this market short to 101.81 but will also need to keep an eye on potential long setups if we bounce at the channel lows. If we do move up from here I will be targeting 103.64 first and then higher to 105.12 and 105.55.
The Euro is pushing lower into its wedge lows this morning. I am looking to sell this short into the wedge low first as well as anticipating a blow-off to the BMT at 1.3430. Once we get to the lows, I will be looking to take this market back long to 1.3522 first and then the overall highs at 1.3573 - 1.3575.
Gold is currently catching a bit of a push lower into the LC Buy Zone. When we are wedging we are ALWAYS looking at buying in LC Zones. I will be looking to sell Gold first down into the LC Zone and once we get there, I will be looking to take the market back to the BMT at 1338 as well as the wedge highs.
The Russell is stuck a bit in the middle. I will be looking both long AND short to get this market to the wedge highs to look short as well as the wedge lows to look long. I will also be anticipating a blow-off of the lows of the wedge down tot he BMT at 1060.7. If we do get this move, we may see a flurry of buyers back to the high as this would be the first test of the BMT in almost a month. Come join us in the room and see how we do it!