Filed Under:
Forex pairs in this Article » OIL
4Hour

eliottWaves_oil_body_crude.png, Crude Holds Fibonacci Support; Testing Resistance NowChart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Interested in automated trading with Mirror Trader?

Commodity Analysis: “Given extremes in Crude COT and the fact that the recent rally failed near the 2012 high, I’m finding it difficult to treat the decline from the recent high as a 4th wave. The decline appears to be unfolding in an impulsive manner as well. Estimated resistance is 105.44.” Price has tested 105.40. Still, it’s only been 1 day since the low and the decline took 7 days. In other words, I’d expect a bit more back and forth up here even if the rally is corrective.

Commodity Trading Strategy: Flat

LEVELS: 99.19 100.68 102.11 105.44 106.51 107.53

original source
comments powered by Disqus