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Crude Reverses after Test of 38.2% Retracement

Crude Reverses after Test of 38.2% Retracement

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_oil_body_crude.png, Crude Reverses after Test of 38.2% Retracement

Prepared by Jamie Saettele, CMT

“It’s true that the largest rallies in the shortest amount of time tend to occur during bear markets. Structurally, the rally may compose the first of 3 legs higher that will test channel resistance.” Crude reversed quickly after testing the 38.2% retracement of the decline from 10643. A 38.2% retracement is consistent with a 4th wave, which would imply a drop below 7726 in the coming weeks.

LEVELS: 8209 8439 8531 8800 8926 9090

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