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Crude Reverses In Front of April Pivot

Crude Reverses In Front of April Pivot

2012-09-17 21:28:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_oil_body_crude.png, Crude Reverses In Front of April Pivot

Prepared by Jamie Saettele, CMT

I had speculated that “the range may be another triangle in which case crude will see another leg higher…with the USD vulnerable across the board, a test of 10065 probably isn’t far off.” Today’s sharp decline does suggest that last week’s break did complete a triangle thrust and that at least a correction of the advance from the June low is underway. A break of today’s low is needed to trigger a bearish bias against the high (10040).

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