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Crude Terminal Thrust from Triangle has Reversal Implications

Crude Terminal Thrust from Triangle has Reversal Implications

2012-08-15 21:10:00
Jamie Saettele, CMT, Sr. Technical Strategist
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60 Minute Bars

eliottWaves_oil_body_crude.png, Crude Terminal Thrust from Triangle has Reversal Implications

Prepared by Jamie Saettele, CMT

The latest thrust higher occurs following formation of a triangle. The implications are for a top and reversal. “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: 9266 9330 9390 9486 9521 9600

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