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Crude 5 Day Range is Lowest Since May 11

Crude 5 Day Range is Lowest Since May 11

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_oil_body_crude.png, Crude 5 Day Range is Lowest Since May 11

Prepared by Jamie Saettele, CMT

Crude’s small range is highlighted by the fact that the last 5 days’ range is the smallest since May 11th. Interestingly, we are just shy of the same level now (spot). The 5 days that ended with May 11th comprised consolidation in the middle of a sharp decline. The context is quite different now. Current consolidation is occurring after a strong advance. Viewed in this light, recent action may compose a triangle that gives way to a terminal thrust and subsequent reversal. The congestion from 5/7-5/11 is of interest from 9521-9849. The upper end of this range is reinforced by the 61.8% retracement of the decline from the March high at 9782 and the 61.8% extension of the 7726-9321 rally (from 8684) at 9675. I’m on the lookout for a top, especially if on a rumor/news spike (the March and 2012 top occurred above 110 on Strait of Hormuz rumors).

LEVELS: 9085 9170 9248 9419 9473 9521

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