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Crude Rally Rejected at Fibonacci on First Attempt

Crude Rally Rejected at Fibonacci on First Attempt

2012-10-09 00:34:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_oil_body_crude.png, Crude Rally Rejected at Fibonacci on First Attempt

Prepared by Jamie Saettele, CMT

“After falling short of the 86/10/84 objective, crude roared Thursday and completely erased Wednesday’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. Thursday’s range can be used as a reference point to determine a bias.” Today’s rally triggers a breakout against the low but expect consolidation / correction of the decline from Tuesday’s high given the failure to close above the 38.2% retracement.

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