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Crude Nearing Line that Extends off of June and August Lows

Crude Nearing Line that Extends off of June and August Lows

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_oil_body_crude.png, Crude Nearing Line that Extends off of June and August Lows

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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Commodity Analysis: Covered the 4th wave scenario earlier this week, 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 but recent action is consistent with a market turn (may have already topped).

Commodity Trading Strategy: Flat

LEVELS: 102.21 104.29 105.31 107.70 109.53 112.21

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

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