Crude Oil has failed out of the overall selling zone but has held up around 106.77 and hasn't pushed lower. I am looking to buy this back up to the 108.38 - 108.83 highs for a second test of the sell zone before I start looking to take this back short to the wedge lows around 104.82. If we start pushing lower, I will be looking short below the 107.13 lows.
The Euro has pushed up to the wedge highs and has fallen off pretty hard. I am looking to sell to the lows and into the wedge lows before looking to go long. With the strength of this move, we may see a blow-off to the lows from 1.3164 - 1.3138. If we do start to see a bounce at the wedge lows I will begin to consider long positions as well.
The Gold market is in the middle but overall has crossed lower giving a 60 minute wave short. I will be looking to zoom in a bit and take this market short on a faster time frame to the lows of 1381.4 and possibly lower as there appears to be quite a bit of strength in this market. We may see a test of the 1373.6 lows as well. If we push high I will be looking for longs above the current high to the wedge highs as well.
The Russell is floating inside its overall sell zone and has been stuck here for a while. I will be looking for a rejection of this area for me to sell this market back to the lows around 1010.3 - 1006.2. We did just cross up on the 60-Minute chart so we may have some resistance going lower so I will also be looking for long opportunities to hop in to break above this sell zone for a blow-off to the wedge highs. Come join us in the room and see how we do it!