Crude Slices Through Nearly 10 Month Trendline

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eliottWaves_oil_body_crude.png, Crude Slices Through Nearly 10 Month Trendline

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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Commodity Analysis: Wrote last week that crude’s “implications are bearish below 94.79, for a break below 91.95 and possibly an extended decline.” The extended variety is already underway. The clean break of 10 month trendline support open up and eventual run on the October 2012 low at 84.04. A return to 90 isn’t out of the question as the decline from there appears to be a 5th wave.

Commodity Trading Strategy: Short order at 90.00, stop 93.00, target open

LEVELS: 84.04 85.19 86.10 88.50 89.96 91.79

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