Friday, August 7, 2009

Friday Afternoon Take Away

In the last day or two a number of markets have hit and potentially reversed from important targets.
Heating Oil, pls see Heating Oil Chills
Nat Gas, pls see Nat Gas Wave Count
The Euro, pls see Euro Count Complete

The SP has hit the important .382 retrace level of it's entire move down from 1576 to 666 at 1013. It has yet to reverse.
which brings us to Rbob and WTI .They are both trying to make new highs but are still well within the consolidation ranges . WTI did make a new high and perhaps that will turn out to be a failure. I am editing the prev. post to reflect that count..turned out to be "or e". Rbob still no clue.

For the last couple months one of the more consistent trades , with the exception of last week, is selling the Fri. aft. ramp, and buying back on Mon. morning.

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