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Crude 3 Wave Rally is Bearish

Crude 3 Wave Rally is Bearish

Jamie Saettele, CMT, Sr. Technical Strategist

240 Minute Bars

eliottWaves_oil_body_crude.png, Crude 3 Wave Rally is Bearish

Prepared by Jamie Saettele, CMT

Since the top on the second day of the year, crude is quietly making lower lows and lower highs. This is the very definition of a bear market. The inability of crude to ramp higher as the US dollar has taken a beating in recent days suggests that this market is particularly weak. The downside remains favored in anticipation of a break.

Bottom Line – short, stop 10375, target open

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