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Crude Consolidation Viewed in Bearish Light

Crude Consolidation Viewed in Bearish Light

2012-06-19 23:25:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_oil_body_crude.png, Crude Consolidation Viewed in Bearish Light

Prepared by Jamie Saettele, CMT

Quite simply, the sideways trade in crude since the 6/4 low (that low was pierced on 6/12) may be nothing more than a shallow correction before the next bear leg towards the October low at 7494. In fact, the width of the range (8105-8700) is about $6. The width of a range can be used to generate an objective once that range is broken. In this case, a break of 8105 would be expected to extend the width of the range, or $6. The objective would be 7505, which is of course in line with the October low.

LEVELS: 8000 8105 8203 8550 8700 8926

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