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Crude Measured Levels from Triangle at 9570 and 9777

Crude Measured Levels from Triangle at 9570 and 9777

2012-08-16 22:56:00
Jamie Saettele, CMT, Sr. Technical Strategist
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60 Minute Bars

eliottWaves_oil_body_crude.png, Crude Measured Levels from Triangle at 9570 and 9777

Prepared by Jamie Saettele, CMT

“The latest thrust higher occurs following formation of a triangle. The implications are for a top and 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).” Using the same method that we used for the USDCAD, objectives are at 9570 and 9777. The former has been reached.

LEVELS: 9266 9391 9485 9573 9610 9777

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