Friday, August 7, 2009

A Closer Look at Crude


The consolidation over the last few days looks like an expanding triangle.

The c = 1.382 of a, and d = about 1.5 of b, and e = c. That leaves a possible failure at 72.28. It is also possible that todays low is the e wave, e= .618 of c.

Overlapping today's high 71.94, or yesterdays low 70.18 will tell us how to label the e wave, and whether there will be another attempt at new highs, or whether WTI failed at 72.29 and we are embarking on a new structure with signif downside potential.

The Euro has a very similar chart pattern that may lend insight into the eventual resolution of the crude count.

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