Crude Oil has continued to push lower and has formed a new aggressive wedge high as we descend. I am looking to take this short to 96 even and possibly a bit further down for a blow-off but with the amount of time we have from the last time we were at those lows we will most likely see a double bottom. Once we tag the 96 even area, I will be looking for longs back to the wedge highs.
The Euro has been an absolute lead weight in water the past few days and just continues to sink lower. I am looking to short the Euro down to 1.3627 and the wedge lows and most likely a bit lower for a blow-off with as aggressive as these selling moves have been. Once we reach the wedge lows I will be looking long from there up to 1.3712 and the wedge highs.
Gold has continue to expand the lows of the wedge and just keeps falling it seems. I am looking to continue to sell this market lower down to the top of the next buy zone at 1316. We have yet to test the BMT currently at 1337.1 but we haven't really seen a reason to buy back up yet. If we get as low as 1309.5 for the last swing we should see it bounce a bit back up.
The Russell has come into the wedge low for a confirming test and has pushed higher off of those lows. Now that we are moving higher I am looking to buy this market higher to the BMT at 1108.5 as the target to the upside. We need to clear the BMT before we can start looking at moving into the highs at 1123 and the wedge highs, so the Russell has its work cut out for it, that's for sure! Come join us in the room and see how we do it!