eliottWaves_oil_body_crude.png, Crude Oil Nearing Range Lows; Break Would Present Opportunity

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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Commodity Analysis: “Given extremes in Crude COT and the fact that the recent rally failed near the 2012 high, I’m finding it difficult to treat the decline from the recent high as a 4th wave.” Nothing has cleared up on a near term basis since the 8/2 failed run at the highs.”

Commodity Trading Strategy: Flat

LEVELS: 100.68 102.21 103.78 104.61 105.59 106.28