Crude Oil is currently approaching the wedge highs around 94.30 or so. I am looking to take this market short down to 93.07 at the previous swing low as well as a bit lower to the wedge lows below that. The wedge high above us is a minor wedge high so if we begin to break through it I will also consider long trades to the large wedge highs above us.
The Euro is currently expanding the wedge highs and pushing higher. I am looking to take this market higher up to the next sell zone starting at 1.3553 and the previous swing at 1.3568 as well as higher up to the BMT sitting on the BRN of 1.3600. As we rise higher towards these levels we do have quite a few sell zones above us that will make this move rocky, so we just need to be cautious.
Gold is currently expanding the wedge highs and is getting VERY close to the BMT above us. I am looking to buy this market higher to the BMT at 1323.9. This level should begin acting like a magnet as a lot of larger money managers and hedge funds will place block orders around the BMT. Once we tag the BMT I will also be looking to take this market short back to the wedge lows underneath us.
The Russell is currently expanding the wedge highs but we are getting VERY chopped up around the BMT where we have crossed up and down and back again several times now. I would normally be looking long to expand the highs but we should most likely see a push down first to the BMT again sitting down at 1103.8. Once we come down and tag the BMT, I will then look long back higher. Come join us in the room and see how we do it!