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Crude Rally from January a Completed Correction?

Crude Rally from January a Completed Correction?

Jamie Saettele, CMT, Sr. Technical Strategist


Chart Prepared by Jamie Saettele, CMT

Automate trades with Mirror Trader and see ideas on other USD crosses

-“Broad focus is higher in USOIL as trade since May is corrective and therefore likely subdivides a larger bull move.” Scratch that. Crude has declined sharply from former support (bold black line). The rally was probably part of a 4th wave within the decline from the 2013 high. Near term, 54.00s (former high) and 50 (61.8% retracement at 49.86) could provide support but this chart suggests that crude is headed to 20 or so.

For more analysis and trade setups, visit SB Trade Desk

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