Crude Building Energy For Next Move

DailyFX

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eliottWaves_oil_body_crude.png, Crude Building Energy For Next Move

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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-A triangle formed in Crude from 7/19 to 8/21. Triangles are typically resolved in the direction of the larger trend but breakouts from triangles are usually the final leg of a larger move.

-On 8/28, price took out the 2012 high before closing nearly $3 off of the high (exhaustion?)

-Weakness below 105.51 would increase evidence that the market has turned lower. Until then, recent action may simply be consolidation before the next leg higher.

Trading Strategy: Flat

LEVELS: 102.21 104.29 105.31 | 109.50 110.80 111.45

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