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Crude Downside Favored Towards 10250

Crude Downside Favored Towards 10250

2012-03-14 21:21:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Weekly Bars

eliottWaves_oil_body_crude.png, Crude Downside Favored Towards 10250

Prepared by Jamie Saettele, CMT

“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 and extension into 10200/50 (10250 is former resistance and 10200 is where the decline would consist of 2 equal legs. A drop below the base channel (above) would suggest that the decline is impulsive.

Bottom Line (next 5 days) – lower

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