Crude Oil tested the BMT yesterday and has since fallen off quite hard. I am looking to sell this further down to the lows at 101.06 first and further to 100.60 and the wedge low. We are now inside of the overall 60-Minute buy zones so if we do start to see a push out of those zones, I will also look to buy those back to the wedge high and a possible retest of the BMT at 102.49.
The Euro has broken the lows around 1.3489 and made a new low for the wedge. As this wedge low is still developing, I will be looking for further short opportunities lower. We are firmly in the 60-Minute Buy Zone currently so we should start to see at least a bit of profit taking and a push higher. With the distance we are away from the BMT, it will start to act as a magnet pulling price back to it.
The Gold market has pushed new lows and closed firmly past the previous lows. This shows us the sentiment is STILL lower. I am looking to sell this market back down for at least a confirming test of the newly formed wedge lows around the 1250's. If we continue higher from here, I will be looking for long side targets at the 1276.2 swing high as well as the wedge high if the pattern is solid enough.
The Russell is creating new highs on almost a daily basis lately. As we continue to reform the wedge highs to new highs, I will be looking long until we have a firm retest AND failure from that wedge before I start to look at it as resistance. The long side targets from here will still be the wedge highs in case we do see a failure to go higher. Until we confirm a wedge high, I won't be considering shorts unless it is a VERY strong pattern setup. Come join us in the room and see how we do it!