Crude 5 Waves Down-Resistance Begins at 8806
240 Minute Bars
Prepared by Jamie Saettele
Crude has dropped beneath both its 20 and 50 day averages and the key reversal week during the first week of January is bearish (as long as the high remains intact). I am cautiously bearish as long as price is below 92.84. A move above there would shift focus to 97.83. The 5 wave decline from 9284 gives scope to a 3 wave corrective advance. Initial resistance is just above 88.00.
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