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Crude Unchanged Following Consolidation

Crude Unchanged Following Consolidation

2012-07-12 22:08:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_oil_body_crude.png, Crude Unchanged Following Consolidation

Prepared by Jamie Saettele, CMT

“Crude reversed quickly after testing the 38.2% retracement of the decline from 10643 last week. A 38.2% retracement is consistent with a 4th wave, which would imply a drop below 7726 in the coming weeks.” The 2nd standard deviation Bollinger band has turned strength since the top in March as well.

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