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Crude Breaks out from Triangle; 2012 High at 110.53

Crude Breaks out from Triangle; 2012 High at 110.53

Jamie Saettele, CMT, Sr. Technical Strategist


eliottWaves_oil_body_crude.png, Crude Breaks out from Triangle; 2012 High at 110.53

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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Commodity Analysis: Covered the 4th wave scenario yesterday, writing that “one must consider the possibility of a 4th wave triangle. The implications are for a terminal thrust to a new high.” A terminal thrust means that the rally is probably the final leg of the larger bull advance. Measured targets are the 161.8% and 200% extensions of the width of the triangle (at its widest point) at 113 and 115.57.

Commodity Trading Strategy: Flat

LEVELS: 105.31 106.91 108.14 110.53 113 115.57

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