Crude Oil gave us a near perfect double bottom down at 101.04 and we have since ran up. We then went into our DB*MAX* resistance area which we are now failing out of. I am looking to take this market short back to revisit the lows at 101.04. We do have some large buying zones below us so it wouldn't be surprising to see it bounce up and down all the way to those lows.
The Euro is pushing lower this morning moving into the wedge low and possible a bit lower to the BMT at 1.3545 as well as the next wedge low under that. I am looking to sell this market lower into those levels with anticipation of a blow-off to the BMT. If we bounce at the wedge low and the BMT, I will also be looking long from there back up to 1.3609.
Gold is back up at the BMT AGAIN at 1319's. This will be the 6th time we have revisited this area. I am looking for rejection back down to 1307.9 - 1302.0 and further to the wedge lows below. Because we have tested this area so many times, if we begin to break higher with conviction, I will look fort longs to the 1326 area as well as the wedge highs.
The Russell has created a new wedge low and is now bouncing higher. I will be looking long from here back to the BMT at 1070.5 and higher to the wedge high. As this wedge low is still unconfirmed I will also be considering short trades as well to the overall wedge below us as well as a test of the 1060.5 swing level. Come join us in the room and see how we do it!