Weekly
![](https://media.dailyfx.com/illustrations/2016/02/02/eliottWaves_oil_body_crude.png)
Chart Prepared by Jamie Saettele, CMT
Automate trades with Mirror Trader and see ideas on other USD crosses
-The last few crude updates noted that “the test for this bounce is a former support line, which is about 33.50 over the next few days. A push above that level would be viewed as a positive development…volatile conditions could certainly lead to an ‘overshoot’.” Crude ‘overshot’, trading to 34.79 and has since wiped out a good deal of the rally. As long as price is below channel resistance, focus is lower.