Crude Oil pulled up from the 95.15 low and has since moved into the cloud for us to now sell back down. We haven't made it to the wedge highs as of yet, but we are already in the process of falling lower. I am looking to sell this market down to the swing low at 96.15 as well as looking lower to the wedge low. The way this is setting up currently looks as though we may have a FOBO at the lows with a bounce higher.
The Euro has continue to expand the highs of the wedge pushing higher in the overnight session. We are now stuck nearing the end of this wedge moving higher. I am looking to continue to buy this market higher back to at least revisit the 1.3825 swing level as well as test the wedge highs to confirm the expanded range. If we begin to fall, I will also look to sell down to 1.3766 for a FOBO of the wedge low.
Gold went up and has expanded the wedge highs one more time. I am looking to buy this market higher to 1350.1 as well as up to the previous swing level at 1353.8. As we expand the wedge highs I will continue to look long but we did fail to get a candle to CLOSE above the previous swings showing possible weakness; because of this I will also be looking short to the wedge lows and swings down at 1330.2 - 1328.5.
The Russell has gone up and has given us a second anchor point to plot a wedge high. We are now nearing the completion of the wedge so we should begin to see this market start to FOBO of both sides. I am initially looking short to test the wedge low and possibly a bit lower but we should see a bounce back up after the first failure to break the lows up to the wedge highs. Come join us in the room and see how we do it!