Crude Oil is pushing up near its wedge highs above us around 97.75's or so. I am looking to short this market once we reach those wedge highs so we can take this back lower to the swing at 96.99 as well as lower to the swing at 96 even and the wedge low. As we haven't quite hit the wedge highs yet if a long setup occurs that looks like a solid setup, I will also consider longs to the wedge highs.
The Euro is currently expanding the wedge lows below us and we have also closed below the cloud. I am looking to take this market short down to 1.3766 first at the previous swing low but overall to the 1.3743 swing low and the wedge lows under that. Unless we really catch a bounce higher I will not be considering long trades until we solidify these forming lows.
Gold is currently expanding the wedge lows and we did have a close below the cloud. Since that close we did have a reversal signal back higher again which may have solidified the swing low to anchor the wedge on currently. I will be looking to trade in both directions as we are nearing completion of time of this wedge up to the wedge highs and 1352.3 and lower to 1330.2.
The Russell is currently wedging in an extremely TIGHT range right now. We normally break out or at least attempt to much sooner than this. I am going to be looking both long and short this morning as we are more than likely to start seeing some pushes above and below the current wedge with as tight as this is. Looking long to 1118.3 and short to 1112.7. Come join us in the room and see how we do it!