Commodity Technical Analysis: Crude Rally Unfolding in Impulsive Manner
Chart Prepared by Jamie Saettele, CMT
Commodity Observations: Crude made a bullish JS Thrust today. The previous 2 bullish thrusts occurred on 6/29 and 8/3. In both instances, crude was coming off of lows and the thrusts ‘announced’ that a new bull move was underway. What’s more, the rally appears to be unfolding impulsively. One more high (above Tuesday’s high) would probably complete 5 waves up from Monday’s low and give way to a correction that lasts at least a day.
Commodity Trading Strategy Implications: Strength into the trendline on Wednesday would present an opportunity to short for a drop that corrects the rally from the Monday low.
LEVELS: 8588 8675 8770 8980 9044 9125
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