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Crude Spike Low May Have Completed Correction

Crude Spike Low May Have Completed Correction

2012-03-15 21:10:00
Jamie Saettele, CMT, Sr. Technical Strategist
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240 Minute Bars

eliottWaves_oil_body_crude.png, Crude Spike Low May Have Completed Correction

Prepared by Jamie Saettele, CMT

I wrote yesterday that “the implications are for a drop below 104.34 and extension into 10200/50 (10250 is former resistance and 102.00 is where the decline would consist of 2 equal legs.” Crude spiked below 104.34 on bearish news before fully retracing the spike. Turns in this market tend to occur in that fashion; the high on March 1st was on supposedly bullish news. Still, having failed to reach our 102.00/50 objective, only turn bullish on a move through 108.20.

Bottom Line (next 5 days) – bottoming?

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