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Crude Bearish Setup on Strength

Crude Bearish Setup on Strength

2012-09-18 21:44:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_oil_body_crude.png, Crude Bearish Setup on Strength

Prepared by Jamie Saettele, CMT

Yesterday’s sharp decline in crude 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. Near term, crude’s decline is unfolding in an impulsive (5 waves) manner and shorts are warranted on strength above 9719 (resistance).

LEVELS: 9169 9266 9400 9719 9848 9948

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