Crude Weakness Expected after Completed Wave Pattern
60 Minute Bars
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
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.