Crude Oil pushed into the old wedge low from yesterday and closed past it, then popped right back in the range. This is a bullish sign but also is showing weakness of the wedge lows; because of this, I will be looking long to 94.70's at the wedge highs, but I will also be considering the short side selling down to 93.80 and further to the larger wedge lows much further below us.
The Euro had a MASSIVE sell off yesterday which expanded the wedge lows quite a bit further down. I am looking to see this market push those lows again from the news this morning to confirm the new wedge lows but since we are in the middle of a wedge, we must also consider the long side buying up to the wedge highs around 1.3460 - 1.3480's and past that to the BMT at 1.3546.
Gold looks like we cut and paste the Euro chart with price action being stuck right in the middle of the wedge. The extreme news pushed Gold down expanding the wedge lows yesterday and I am looking for the same to happen today. This will give us a retest of the new wedge lows for a possible confirming bounce higher. As we are in the middle of the wedge, we need to prepare for the long side as well buying up to the BMT sitting at 1319.4 at the wedge highs.
The Russell pushed into new wedge lows yesterday afternoon all the way down to 1076.8. We have since bounced up from that level but are starting to sell back down a bit. I am looking to sell back down to 1076.8 for a confirming test or possible double-bottom and then looking long and buying up to 1087.4 first but the wedge highs and the BMT at 1098.8 overall. Come join us in the room and see how we do it!