Crude Rally from January a Completed Correction?
Chart Prepared by Jamie Saettele, CMT
-“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.
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