Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
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Commodity Analysis: Crude has broken the Elliott channel support and is now getting into possible Fibonacci support and structural support. Given extremes in COT and the fact that the recent rally failed near the 2012 high, I’m finding it difficult to treat the decline from the recent high as a 4th wave. The decline appears to be unfolding in an impulsive manner as well. Estimated resistance is 105.44.
Commodity Trading Strategy: Flat
LEVELS: 99.19 100.68 102.11 103.85 105.44 106.91