Crude Oil has rejected the BMT down at 103.18 and has been pushing higher ever since. I am looking to buy this market higher to the swing at 104.38 first and a push past to the wedge highs. This has been an extended move higher so I will also be considering short trades for a bit of profit taking to the wedge low.
The Euro has been falling from the newly formed wedge highs and hasn't looked back. I will be looking to sell this down to the wedge low below us in anticipation of a blow-off to the BMT at 1.3538. Because of this aggressive move lower, I will also consider long trades as we are now entering buying zones for a bit of profit taking from this move down.
Gold is stuck at the BMT currently and struggling to get above it. We are also seeing it reject the previous swing highs showing down side accumulation. I am looking to take this market short to 1302 first with an overall target back at the wedge lows around the 1280's. If we get a push higher I will consider longs above the BMT at 1320.6 targeting the wedge highs above.
The Russell is hung up at the BMT at 1070.7 and is catching a bit of selling in that area. I am looking to sell this down to 1065 first with the overall target at the wedge low. We do have yet to physically TEST the BMT so a move higher is likely as well; because of this I will be looking for longs as well to actually test the BMT and possibly further to the wedge highs. Come join us in the room and see how we do it!