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eliottWaves_oil_body_crude.png, Crude Triangle a Possibility Before Final Thrust to New High

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.” A break below 102 is needed to suggest a bigger bear move is underway. Until then, consider the possibility of a 4th wave triangle. The implications are for a terminal thrust to a new high.

Commodity Trading Strategy: Flat

LEVELS: 102.21 103.49 105.31 107.31 108.20 108.89