Thursday, August 6, 2009

Heating Oil Chills

This Sep chart displays a C=A relationship at today's highs. Additionally it has a diagonal 5th wave composed of abc's and RSI divergence. Can you ask for anything sweeter? Longer term the HO now has a series of 2 ABC'c up from 1.12. While it is possible to get a 3rd series of ABC's it's not a requirement by any means.
The last X wave down retraced the 1st series of ABC's by 52%, the equivalent would target 1.74. Of course if there's no 3rd series of ABC's a test of 1.12 is coming up.

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