Crude Breaks Steep Trendline Support

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eliottWaves_oil_body_crude.png, Crude Breaks Steep Trendline Support

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Commodity Analysis: Crude has broken steep trendline support. Trendlines break of this angle are often false but any near term bearish development (such as a 5 wave decline and 3 wave setback) would warrant consideration in light of recent COT data.

Commodity Trading Strategy: Flat

LEVELS: 9264 9379 9494 9821 9899 10040

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