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Crude Rebound Enters Former Congestion

Crude Rebound Enters Former Congestion

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_oil_body_crude.png, Crude Rebound Enters Former Congestion

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Are you new to FX or curious about your trading IQ?

Commodity Analysis: No change: “Crude has reached a level that may prove difficult to break. The level in question is defined by the 61.8% retracement of the rally from November’s low, resistance throughout November and early December, and the trendline that extends off of the June and December 2012 lows. Resistance is now 92.” In light of other USD patterns, especially EURUSD, I’m wondering if the rally on 2/13 was a truncation. If it is, then the decline from the level is a clean impulse (5 waves) and a countertrend rally is underway….probably towards 94.43/94 (former 4th wave extreme, 61.8% retracement, 2/11 low).

Commodity Trading Strategy: Flat

LEVELS: 89.33 90.25 91.70 92.66 93.69 94.43

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