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Crude Targeting a Break of August Low and Extension

Crude Targeting a Break of August Low and Extension

2011-09-26 14:54:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_oil_body_crude.png, Crude Targeting a Break of August Low and Extension

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.” Crude also plunged and expectations are for a break below the August low. Objectives are the August and May lows at 7075 and 6716.

Trend Strength (M,W,D) – (1), (2), (2)

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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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