Crude is in a 3rd of a 3rd wave decline from 7804. Crude has reached the area of the former 4th wave, which is a common end point for corrections. Medium term targets (several weeks) are 6600 (100% extension) and 6426 (July low).
Jamie Saettele publishes Daily Technicals every weekday morning, COT analysis (published Friday evenings), technical analysis of currency crosses on Monday, Wednesday, and Friday (Euro and Yen crosses), and intraday trading strategy as market action dictates at the DailyFX Forum. He is the author of [I]Sentiment in the Forex Market[/I]. Follow his intraday market commentary and trades at DailyFX Forex Stream. Send requests to receive his reports via email to [email protected].