Light Crude 07-07
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 (7160) provided support and the near term rally is probably a small 4th wave. 4th waves often form as triangles or flats. Watch the Elliott channel for resistance.
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 firstname.lastname@example.org.
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