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Crude Dip Will Present Breakout Opportunity

Crude Dip Will Present Breakout Opportunity

2012-02-14 00:07:00
Jamie Saettele, CMT, Sr. Technical Strategist
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240 Minute Bars

eliottWaves_oil_body_crude.png, Crude Dip Will Present Breakout Opportunity

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. Weakness from near the current level would compose wave E (final leg of the triangle) and offer an opportunity to get long for the eventual breakout. Support is

Bottom Line – flat

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