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Crude 90 Acting as Short Term Support

Crude 90 Acting as Short Term Support

2012-05-29 20:02:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_oil_body_crude.png, Crude 90 Acting as Short Term Support

Prepared by Jamie Saettele, CMT

“8915 was nearly reached and most of yesterday’s decline has been retraced. This type of action (test of a level and quick rejection) tends to signal the beginning of a correction. 9331 and 9521 now become resistance.” Structurally, a 4th wave may be in its early stages as the decline from the May 1 high is nearly exactly 1.618 x the decline from March 1 to April 10. 9000, which served as support last Thursday and Friday, served as support on the Egan Jones drop.

LEVELS: 8421 8661 8926 9000 9216 9331 9413 9521

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