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Crude Trades to Fibonacci Retracement of Decline from 2012 High

Crude Trades to Fibonacci Retracement of Decline from 2012 High

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_oil_body_crude.png, Crude Trades to Fibonacci Retracement of Decline from 2012 High

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 described throughout these pages, objectives are at 9570 and 9777. Crude has reached the latter objective and is also testing the top of May congestion and 61.8% retracement of the decline from the 2012 high. This is as good an area as any for a top to form.

LEVELS: 9266 9391 9529 9782 10065 10282

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