Crude Oil has moved up to a double top pattern and failed right back lower from the 98.06 highs. Now that we are pushing lower off the wedge highs, I am looking short to 97 even and possibly lower to 96 even and the wedge lows. We will be running into several buying zones below us so it may be shaky on the way down but overall we should see this market push lower.
The Euro has started to expand the wedge lows and has broken back below the cloud once more. We had a failed push higher that made a double top at 1.3819 as well. I will be looking to sell this market down to 1.3776 first, but overall lower to 1.3766 and 1.3756 - 1.3743 for the buy zone below. We are currently inside a buying zone but with a negative bias like this, we should push through.
Gold is beginning to wedge VERY tightly and we have far surpassed the time completion of a typical wedge. This leads me to believe we are more likely to see a breakout rather than a FOBO of the highs or lows but we have to be ready for both scenarios. I am looking to go long up to 1356.4 and higher as well as low to 1346.1 and lower.
The Russell is currently trading at the wedge lows and bouncing slightly higher. We are at the time completion of a normal wedge pattern so we should begin to see some FOBO's of the highs and lows of the wedge. I am initially looking long from here up to the wedge highs but will also look for potential shorts below the wedge low down to the 1111.2 previous swing low. Come join us in the room and see how we do it!