Crude at Support but Bearish on Strength

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eliottWaves_oil_body_crude.png, Crude at Support but Bearish on Strength

Prepared by Jamie Saettele, CMT

“The decline is unfolding in an impulsive manner.” A 5 wave drop may be complete from the high. The implications are for corrective strength before the next leg lower. Resistance begins at Friday’s high of 9381. I favor selling rallies above that level.

LEVELS: 8690 8896 9085 9381 9450 9640

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