Crude Drop is Largest of Year; Similarities to September 2012

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eliottWaves_oil_body_crude.png, Crude Drop is Largest of Year; Similarities to September 2012

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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Commodity Analysis: Wrote yesterday that “crude traded to a new high for the year today before reversing and forming a key reversal. Today’s high is also just ticks above the close of the 9/14/2012 high (close that day was 98.99). The risk of a bigger reversal here is too much to stay long on the breakout.” Reverse did crude ever…the drop just a day after trading at highs is similar to the September 2012 top.

Commodity Trading Strategy: Flat…waiting to see how the week closes.

LEVELS: 91.23 92.40 94.04 95.85 96.43 97.05

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