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Light Crude Technicals for July 20th

Light Crude Technicals for July 20th

2010-07-20 15:50:00
Jamie Saettele, CMT, Sr. Technical Strategist
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 DT-10-07-20-CRUDE

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 appears to be underway. Staying below 80 keeps the trend pointed lower.

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 jsaettele@dailyfx.com.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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