Crude Weakness Still Within Confines of Bull Trend
60 Minute Bars
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.” Wave 4 appears complete, look higher as long as Wednesday’s low holds.
Bottom Line – Higher
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