eliottWaves_oil_body_crude.png, Crude Key Reversal Could Mark Interim Low

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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-Crude keeps holding the line that extends off of the 2008 and 2012 lows (and through the weeks of the 2009 and 2013 lows). The decline is extended to the downside and may be trying to form a near term low. Thursday’s key reversal after a tag of a June low at 92.68 is a good start.

-91.23 would be next as support if the low fails to hold. Keep an eye on the line that extends off of the 2012 lows as well. Exceeding last week’s high would suggest that a low is in place.

Trading Strategy: Flat

LEVELS: 90.09 91.23 92.82 | 94.50 95.93 96.95