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Crude Rally Fails at Former High and Fibonacci

Crude Rally Fails at Former High and Fibonacci

2012-10-02 22:13:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_oil_body_crude.png, Crude Rally Fails at Former High and Fibonacci

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%).” Failure for the 3rd consecutive day is enough to be bearish against the Monday high. Exceeding that level would bring 9600 back into play.

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