Crude 104.40 is Line in the Sand for Bears

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eliottWaves_oil_body_crude.png, Crude 104.40 is Line in the Sand for Bears

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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-Price broke below the trendline that extends off of the 6/25 and 8/22 lows and retested it on the Fed advance before breaking below the August low and trendline off of the April and June lows. That line is now serving as resistance.

-98-99 is a target zone for the rest (January high and 50% retracement of the advance from April).

Trading Strategy: Risk remains 104.35. Target remains 99.

LEVELS: 100.40 101.05 101.84 | 103.94 104.93 106.10

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