Crude 6% October Drop is Largest Monthly Decline of 2013

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eliottWaves_oil_body_crude.png, Crude 6% October Drop is Largest Monthly Decline of 2013

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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-Wrote last week that “crude stabilized on Thursday after slipping below 96. Downward sloping channel support make this a good place for a rally attempt.”

-Resistance is estimated from trendlines (likely strongest from 100-101).

-A new low could complete 5 waves down at multiple degrees of trend and give way to the largest bounce since the August high.

Trading Strategy: Flat

LEVELS: 93.65 95.33 96.05 | 97.80 98.70 100.25

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