The strength in crude above 7569 warns of additional strength in wave C of an expanded flat. If this is the pattern that is unfolding, then price would exceed 7804 before the larger trend turns back down. A drop below 7569 would re-inspire confidence in the downside.
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].