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Crude Extension Towards 102 Favored

Crude Extension Towards 102 Favored

Jamie Saettele, CMT, Sr. Technical Strategist

240 Minute Bars

eliottWaves_oil_body_crude.png, Crude Extension Towards 102 Favored

Prepared by Jamie Saettele, CMT

The triangle idea put worth last week seems to be on the correct path. “The sideways pattern since November may take the form of a triangle. If so, then expect additional range trading between the current level and 10200 before an upside break (above 10390).” Wave D of the triangle would consist of 2 equal waves at 10208. Expect some resistance at that level.

Bottom Line – flat

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