U.S. Markets open in 6 hrs 47 mins

Crude Breaks September Low

Jamie Saettele, CMT


eliottWaves_us_dollar_index_body_crude.png, Crude Breaks September Low

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-A triangle formed in Crude from 7/19 to 8/21. Triangles are typically resolved in the direction of the larger trend but breakouts from triangles are usually the final leg of a larger move.

-On 8/28, price took out the 2012 high before closing nearly $3 off of the high (exhaustion?)

-Price has broken below the trendline that extends off of the 6/25 and 8/22 lows.

Trading Strategy: Short side favored below 108.50. Target 100.50. 100.36 is the measured move from the 105.51-110.66 range.

LEVELS: 102.21 103.49 104.29 | 106.40 107.40 108.50

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.