Crude Resistance Begins above 9300
240 Minute Bars
Prepared by Jamie Saettele, CMT
The sharp rebound in crude today is probably the beginning of a multiday advance that serves to correct the sharp decline from the September high. Expect resistance from the 38.2% retracement and 9/21 high at 9332/81 and the 61.8% retracement at 9602. While we don’t know what will happen of course, it is possible that the decline from the top composes 5 waves with an extended 5th wave. An extended 5th wave is often succeeded by a return to wave 2 of 5 (9646 in this case), which is close to 9602 (61.8%).
LEVELS: 8684 8786 8894 9178 9320 9381
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