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Crude Does a 180 as Former Trendline Serves as Resistance

By , Sr. Technical Strategist
19 September 2013 21:03 GMT

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eliottWaves_oil_body_crude.png, Crude Does a 180 as Former Trendline Serves as Resistance

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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-A triangle formed in Crude from 7/19 to 8/21. Triangles are typically resolved in the direction of the larger trend but breakouts from triangles are usually the final leg of a larger move.

-On 8/28, price took out the 2012 high before closing nearly $3 off of the high (exhaustion?)

-Price broke below the trendline that extends off of the 6/25 and 8/22 lows and retested it on the Fed advance. The complete retracement of that rally suggests that the path is lower.

Trading Strategy: Short side favored below 108.50. Target 100.50. 100.36 is the measured move from the 105.51-110.66 range.

LEVELS: 103.51 104.93 105.50 | 108.50 109.14 109.53

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19 September 2013 21:03 GMT