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Crude Consolidation Should Give Way to Next Bear Leg

By , Sr. Technical Strategist
10 May 2012 21:03 GMT

Daily Bars

eliottWaves_oil_body_crude.png, Crude Consolidation Should Give Way to Next Bear Leg

Prepared by Jamie Saettele, CMT

No change: “After dropping over $10 since the May 1 high, expect some corrective action…in both time and price. Resistance is 9865 and 10065 (50% retracement of drop from May 1 high is just above there). The next level of interest on the downside is the December low at 9251 (spot).”

Ideas:

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10 May 2012 21:03 GMT