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Crude New Low Could Complete Near Term Bear Cycle

By , Sr. Technical Strategist
30 October 2013 22:11 GMT

Daily

eliottWaves_oil_body_crude.png, Crude New Low Could Complete Near Term Bear Cycle

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-Wrote last week that “crude stabilized on Thursday after slipping below 96. Downward sloping channel support make this a good place for a rally attempt.”

-Resistance is estimated from trendlines (likely strongest from 100-101).

-A new low could complete 5 waves down at multiple degrees of trend and give way to the largest bounce since the August high.

Trading Strategy: Flat

LEVELS: 95.33 96.05 97.15 | 99.19 100 101.04

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30 October 2013 22:11 GMT