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Crude Weakness Expected after Completed Wave Pattern

Crude Weakness Expected after Completed Wave Pattern

2012-03-05 21:03:00
Jamie Saettele, CMT, Sr. Technical Strategist
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60 Minute Bars

eliottWaves_oil_body_crude.png, Crude Weakness Expected after Completed Wave Pattern

Prepared by Jamie Saettele, CMT

The March 1 spike into 110.00 completed at least 5 waves up from the 2/2 low and maybe 3 waves up from the 2011 low. Near term implications are for weakness towards 104.60 and 103.00. 107.80 serves as short term resistance if reached.

Bottom Line – Lower

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