Categorized | DailyFX, Technicals

Crude Nears Short Term Channel Support

Posted on 11 August 2010 by DailyFX

60 Minute Bars

DailyFX Analyses

Prepared by Jamie Saettele

Crude’s 3 wave correction from 6966 may be complete just shy of its 100% extension (8318). There are 5 waves up from 7590, which would compose wave c of y. Look lower from here.

Jamie Saettele publishes Daily Technicals every weekday morning, COT analysis (published Monday evenings), technical analysis of currency crosses on Wednesday and Friday (Euro and Yen crosses), and intraday trading strategy as market action dictates at the DailyFX Forum. He is the author of Sentiment in the Forex Market.  Follow his intraday market commentary and trades at DailyFX Forex Stream.   Send requests to receive his reports via email to jsaettele@dailyfx.com.

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This analysis is republished with permission from DailyFX, your source for daily forex market news and analysis. DailyFX is part of Forex Capital Markets.

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