We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

Free Trading Guides
EUR/USD
Mixed
GBP/USD
Mixed
USD/JPY
Bearish
Gold
Mixed
Oil - US Crude
Mixed
Bitcoin
Bearish
More View more
Real Time News
  • Heads Up:🇦🇺 AUD NAB Business Confidence (DEC) due at 00:30 GMT (15min), Actual: N/A Expected: N/A Previous: 0 https://www.dailyfx.com/economic-calendar#2020-01-28
  • Join @IlyaSpivak 's #webinar at 8:00 PM ET/1:00 AM GMT to prepare for the week ahead in trading $AUDUSD Register here: https://t.co/sZNWPVRHA0 https://t.co/mtlf2M7bZr
  • $USDCAD rates have gained nearly 1.6% in January while CAD/JPY rates have dropped by 1.2% amid growing concerns that the Chinese #coronavirus will derail global trade. Get your market update from @CVecchioFX here: https://t.co/angvdcl7H7 https://t.co/mLytKwgKj2
  • First case of #coronavirus in Germany - DPA (BBG) No market reaction yet. Stay tuned.
  • Also, we ended that stretch of exceptionally quiet $SPX conditions (no 1% daily moves higher or lower) at 72. In 24 years, the only two periods seeing longer stretches were 10/9/18 (74) and 1/25/18 (95). Not good aftermath https://t.co/c2UPdk3RfY
  • I think it is reasonable to say there is a serious risk aversion swing in the broader markets. What do you think? The more comprehensive and intense risk aversion is, the more likely it is establish a durable trend https://t.co/tPhTK5EZfn
  • $USDSGD breakout to the upside through falling resistance on #coronavirus fears. Prices stopped right on the upper boundary of psychological resistance (1.3571). Read this week's #ASEAN fundamental outlook for detailed analysis and discussion - https://t.co/7Y5DRhnJyz https://t.co/obzzzdFu0J
  • RT @Schuldensuehner: Mind the gap between stocks and junk bond performance. https://t.co/X4LiZdAtpk https://t.co/piQjPGhAFO
  • #ASEAN FX are taking a hit amid the global "risk off" mood. My ASEAN-based #USD index (average vs #IDR, #PHP, #MYR, #SGD) had its best day since August. A step closer towards a reversal of trend but key descending resistance from September is holding the downtrend intact for now https://t.co/Z8x7CxvgQu
  • The #Nasdaq 100 and S&P 500 opened significantly lower on Monday on the back of #coronavirus fears as the #VIX jumped to its highest level since early October. Get your market update from @PeterHanksFX here: https://t.co/WpXDAidw4C https://t.co/MCd1g1Ghdv
Crude at Important Long Term Juncture

Crude at Important Long Term Juncture

2012-03-13 23:10:00
Jamie Saettele, CMT, Sr. Technical Strategist
Share:

Weekly Bars

eliottWaves_oil_body_crude.png, Crude at Important Long Term Juncture

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.” I wrote yesterday that “crude’s decline reversed just below the former 4th wave low, which is enough evidence to turn bullish again (against 104.34).” The rally from 104.34 reversed at exactly the 61.8% retracement of the decline from 110.53, which is typical of corrections. The implications are for a drop below 104.34 in wave C (to complete the correction). The bullish outlook is at minimum delayed.

Bottom Line (next 5 days) – bottoming

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES

News & Analysis at your fingertips.