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Crude Weakness Viewed as Dip in Larger Uptrend

Crude Weakness Viewed as Dip in Larger Uptrend

Jamie Saettele, CMT, Sr. Technical Strategist

60 Minute Bars

eliottWaves_oil_body_crude.png, Crude Weakness Viewed as Dip in Larger Uptrend

Prepared by Jamie Saettele, CMT

I wrote yesterday that “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.” Wave 4 is either complete or awfully close to complete. Levels that may produce the low (if not already in place) are 10611 (2 legs down from the top) and 10545 (2/23 low) and 10512 (38.2% retracement of wave 3).

Bottom Line – Higher

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