The decline from the May high is an impulse (5 waves) and it is possible that the rally to 7533 completed a correction. Staying below that level keeps pressure on crude. A drop below the May low would shift focus to the July 2009 low near 5800.
Jamie Saettele publishes Daily Technicals every weekday morning, COT analysis (published Friday evenings), technical analysis of currency crosses on Monday, Wednesday, and Friday (Euro and Yen crosses), and intraday trading strategy as market action dictates at the DailyFX Forum. He is the author of Sentiment in the Forex Market. Follow his intraday market commentary and trades at DailyFX Forex Stream. Send requests to receive his reports via email to jsaettele@dailyfx.com.
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