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Crude Long Term Bearish Objectives Well Below Current Level

Crude Long Term Bearish Objectives Well Below Current Level

2011-10-03 15:27:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Weekly Bars

eliottWaves_oil_body_crude.png, Crude Long Term Bearish Objectives Well Below Current Level

Prepared by Jamie Saettele, CMT

A longer term look at crude reveals a clear bear trend as long as price is below 9049. A break below 7570 would shift focus to the May 2010 low at 6717, Fibonacci extension at 5976 and channel support. An extremely bearish count treats the decline from 9049 as a series of 1st and 2nd waves (valid as long as price is below 8473). 7960 is short term resistance.

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

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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 and follow hom on Twitter @JamieSaettele.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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