Crude Oil had a harsh sell off this morning pushing a close beyond the low around the 101 area. When we see strong moves like this, there will almost always be a profit taking move higher before a continuation move back in the original direction. I am looking to buy this up short term, even up to the BMT at 102.85, but looking to sell it overall back down.
The Euro is at the wedge high currently. I am going to be looking short from here back for a retest of the BMT at 1.3545 which will also be a test of the consolidation area before we broke above the BMT. This should initiate more buyers at those lows. Once we reach that area I will be looking long back up to confirm the wedge high as it is newly formed with this recent push up.
Gold has had a VERY strong sell down below the wedge lows as well as below the major swing low just above the 1280's. I am going to be looking short long term further down but when we see moves like this there is usually a profit taking move higher FIRST, before continuing in the original direction. I will be looking for short term buy opportunities to take this higher for a retest of the wedge low above before selling it back down.
The Russell has expanded the wedge highs to a newly formed high and has since fallen off a bit. As the high has yet to be confirmed I will be looking long in the long term above the BMT up to continued new highs. In the short term I will be looking to sell this market down a bit further to get a test of the BMT at 1062 before the move higher. Come join us in the room and see how we do it!