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Crude Reverses after Triangle Thrust

Crude Reverses after Triangle Thrust

Jamie Saettele, CMT, Sr. Technical Strategist

60 Minute Bars

eliottWaves_oil_body_crude.png, Crude Reverses after Triangle Thrust

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. Crude reversed last night between these levels but retraced most of the drop during the US session. Crude is probably much closer to a top than bottom but I’ve no idea if today’s high holds.

LEVELS: 9266 9391 9496 9681 9777 9849

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