Light Crude 07-02
The decline from the May high is an impulse (5 waves) and the move higher from 6724 is in 3 waves and complete. The next impulsive decline is underway. The 161.8% extension of the 7994-7517 decline at 7160 may provide some support. Favor the downside.
Jamie Saettele publishes Daily Technicals every weekday morning, COT analysis (published Monday evenings), technical analysis of currency crosses on 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 firstname.lastname@example.org.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.