Crude Oil has been moving higher after catching a rejecting bounce higher off the channel/wedge lows. I am looking to buy this market higher to the 103.96 swing high first, and if we get some legs, the BMT at 104.55. If we do start moving lower, I will be looking short for a retest of the wedge low below us and a possible blow-off to the overall channel low.
The Euro is currently at its wedge lows and getting hung up there. I will be initially looking long to the highs up at 1.3573 - 1.3575 but I will also consider shorts back to the 1.3464 swing low and further to the 1.3457 BMT. If we can get a push lower, I am looking for a bounce at the BMT before moving higher up.
Gold is hung up at the BMT right now around 1334's. Since we are in the middle of the wedge AND hung up on the BMT I will be looking to go both long and short. The long target will be up at the wedge high and potentially a bit higher to the sell zones above. For the short side, I will be looking short to the wedge low and possibly further down to the larger wedge low.
The Russell is currently in the middle of the wedge and in a VERY tight range. I will be looking both long and short to the wedge high for the long target as well as the wedge low and further to the BMT at 1065.0 for the down side target. If we do get a large move out of this consolidation I will be looking for a FOBO first before looking for continuation in any direction. Come join us in the room and see how we do it!