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Crude Downside is Favored Below 9049

Crude Downside is Favored Below 9049

2011-09-20 14:51:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_oil_body_crude.png, Crude Downside is Favored Below 9049

Prepared by Jamie Saettele, CMT

“The month + crude rally may be nearing completion. The advance can be counted in a corrective manner (wave c diagonal). One final thrust into Fibonacci resistance at 9108 or 9267 cannot be ruled out but if this count is correct then crude is at risk of a sharp reversal lower.” Having dropped below the August-September trendline, confidence in the downside is increased and a bearish bias is warranted against 9049.

Trend Strength (M,W,D) – (1), 0, 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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