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Crude Short Term Head and Shoulders a Possibility

Crude Short Term Head and Shoulders a Possibility

2012-01-17 22:12:00
Jamie Saettele, CMT, Sr. Technical Strategist
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240 Minute Bars

eliottWaves_oil_body_crude.png, Crude Short Term Head and Shoulders a Possibility

Prepared by Jamie Saettele, CMT

Last week’s drop to a new January low leaves the high as the second day of the month and early month price extremes (first few days) are statistically significant. Price is at resistance now and pattern since the 12/27 high is reminiscent of a head and shoulders top. The downside is favored against the January high.

Bottom Line – short, stop 10375, target open

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