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Crude Near Term Triangle Pattern

Crude Near Term Triangle Pattern

2011-05-25 14:58:00
Jamie Saettele, CMT, Sr. Technical Strategist
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60 Minute Bars

eliottWaves_oil_2_body_crude.png, Crude Near Term Triangle Pattern

Prepared by Jamie Saettele, CMT

Crude trade has slowed in recent days. A triangle may be unfolding in small wave b of B. The implications are for a sharp c of B rally (to complete wave B) towards 105.06. I would be a seller in the event of a bounce to there. A break below 95 could trigger a sharp decline towards the former pivot low at 89.16 and the 100% extension at 84.86.

Support/Resistance Index (M,W,D) – (9), (1), 0

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Jamie Saettele publishes Daily Technicals every weekday morning, COT analysis (published Monday), technical analysis of currency crosseson Wednesday and Friday (Euro and Yen crosses), and intraday trading strategy as market action dictates at the DailyFX Forex Stream. A graduate of Bucknell University, he holds the Chartered Market Technician (CMT) designation from the Market Technician Association. He is the author of Sentiment in the Forex Market.  Send requests to receive his reports via email to jsaettele@dailyfx.com.

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