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Crude Double Doji at Top of Range Warns of Reversal

Crude Double Doji at Top of Range Warns of Reversal

2011-09-02 07:25:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Candles

eliottWaves_oil_2_body_crude.png, Crude Double Doji at Top of Range Warns of Reversal

Prepared by Jamie Saettele, CMT

Consecutive dojis in crude suggest lower prices ahead at least over the next few days. Structure from the August low is identical to that of the S&P and NZDUSD (and similar to the AUDUSD, which is not as ‘clean’). Focus is on the channel confluence, which intersects tomorrow just above 9400 and 9262, which is where the rally would consist of 2 equal legs. At least one more decline is expected as per the above wave count. Eventual supports are the August 2010 low at 7075 and May 2010 low at 6718.

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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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