Crude Declines are Impulsive at Multiple Degrees of Trend
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-“The news top led to a sharp decline but crude is nearing levels that likely inspire a rally attempt. 95.59-97.09 is a support zone. The decline is impulsive, which raises the possibility of a larger decline following a corrective rally.”
-The declines from the early and late March highs are also impulsive (5 waves), warning that crude will break below the March low while staying below the 3/28 high.
LEVELS: 97.34 97.99 99.55 | 100.12 101.48 102.56
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