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Crude Registers 4th Largest Rally of the Year

Crude Registers 4th Largest Rally of the Year

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_oil_body_crude.png, Crude Registers 4th Largest Rally of the Year

Prepared by Jamie Saettele, CMT

After falling short of the 86/10/84 objective, crude roared higher today and completely erased yesterday’s decline. The advance is the 4th largest of the year, behind 6/29, 7/3, and 8/3 (circled). The 6/29 and 8/3 rallies kick started larger advances. 7/3 gave way to consolidation but the low of that day remained intact. Today’s range can be used as a reference point to determine a bias.

LEVELS: 9015 9050 9100 9180 9330 9381

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.