Crude Tags 2012 High and Rebounds

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eliottWaves_oil_body_crude.png, Crude Tags 2012 High and Rebounds

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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-Crude continues to ‘stair-step’ lower as this market has alternated between up and down days since 10/1.

-“The market is entering an area that may provide support for the sharpest advance seen since the August high. The levels in question are the 2012 high at 100.40, June high at 99.19, and January high at 98.21.”

Trading Strategy: Flat

LEVELS: 98.21 99.19 100 | 101.09 102.04 102.93

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