Light Crude: 03/30
Crude is testing its early 2010 high. A move above would expose 90. Structurally, the rally from the 2008 low now appears to be nearing the end of an impulse (5 waves). Following completion of the 5th wave (which may or may not be underway), expectations would be for a sharp second wave decline.
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 email@example.com.
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