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Crude Top of Support Zone at 10675

Crude Top of Support Zone at 10675

Jamie Saettele, CMT, Sr. Technical Strategist

60 Minute Bars

eliottWaves_oil_body_crude.png, Crude Top of Support Zone at 10675

Prepared by Jamie Saettele, CMT

The rally from the 2/2 low is unfolding in an impulsive manner thus the decline from 10995 is viewed as a correction on the way to higher prices. The support ‘zone’ is 10675-10459. Specifically, the decline from 10995 is probably a 4th wave so the next rally would compose wave 5. In commodities however, 5th wave extensions are common. Objectives will be determined once evidence is sufficient to suggest that a low is in place.

Bottom Line – correcting into a low

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