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Crude Tests Range Low-Next Support 10250

Crude Tests Range Low-Next Support 10250

2012-03-06 02:15:00
Jamie Saettele, CMT, Sr. Technical Strategist
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60 Minute Bars

eliottWaves_oil_body_crude.png, Crude Tests Range Low-Next Support 10250

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.” Crude has reached 10460 but focus remains lower towards 10250 (100% extension of initial bear leg from 110.55).

Bottom Line (next 5 days) – Lower

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