Crude Oil is at its wedge highs right now after closing back above the BMT. We have had nothing but slop in this area but we are slowly meandering down. I am looking to sell this market back down to at least retest the BMT at 103.20 but we are still looking for an overall push to meet the lows at 101.04 for the double bottom retest. If we move higher, I will consider longs above the wedge highs above us.
The Euro is pushing higher after testing the BMT a second time yesterday. We are now moving into the swing highs above and back out of the buy zones. I am looking to buy this market up higher to 1.3594 first but overall targeting the major swing above us at 1.3649. I will also consider selling back for another test of the BMT at 1.3552 if the pattern is strong enough.
Gold has closed above the BMT at 1319.9 and has come back to retest it which is where we currently are. I am looking to go long in the short term with a bounce in this area back to the wedge highs for a potential blow-off of the first wedge to get price to the second wedge high. Once we reach these areas I will look short back to the wedge lows. If we do push lower from here, I will consider shorts below the BMT at 1319.9.
The Russell is bouncing higher from a newly formed wedge low. As this low has yet to be tested I will be continuing to look for shorts following the rejection we saw of the BMT yesterday. I am looking to sell this back down to 1057.5 for a full test of the low as well as a retest of the newly formed wedge lows. This will give us a potential double bottom trade as well. Come join us in the room and see how we do it!