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Crude Reverses – Uptrend to Resume?

Crude Reverses – Uptrend to Resume?

2012-03-07 22:51:00
Jamie Saettele, CMT, Sr. Technical Strategist
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240 Minute Bars

eliottWaves_oil_body_crude.png, Crude Reverses – Uptrend to Resume?

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’s decline reversed just below the former 4th wave low, which is enough evidence to turn bullish again (against 104.34). Interim resistance is 107.39.

Bottom Line (next 5 days) – higher

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