Crude Oil is currently trading at the wedge highs just under the BMT and is respecting those highs. Normally I would completely disregard the short side but as we haven't tested the BMT in a VERY long time and we can't seem to leave these wedge highs there is a higher chance that we have a push higher to test it and THEN fall lower. I am looking to go both long and short, up to the BMT at 98.86 as well as down to the previous swing at 97.37.
The Euro has created a selling channel continuing to push lower as we grind our way down. The channel lows have yet to be tested so I am looking to go short down to the previous swing at 1.3743 as well as lower to the BMT at 1.3736. This should solidify the channel low so that we can trade bounces off of it.
Gold is at the wedge lows this morning and pushing a bit higher. I am looking to buy this market higher up to the overall wedge highs, but before we get there we do have some selling resistance zones from 1354.4 up to the previous swing high at 1360.4. We have been expanding these lows over and over again so if we do move lower I will be looking short to 1339.8 and lower to 1335.3 and the BMT at 1333.4.
The Russell is currently kind of in the middle of everything. We aren't quite at the wedge highs and too far off the wedge lows. I am looking for price to move a bit higher but then short this market lower to the wedge lows around 1115.9 or so. In the meantime, I will be considering longs up to the wedge highs as well up to 1121.2 and up. Come join us in the room and see how we do it!