Monday, August 17, 2009

Monday Morning Lows

The Weekend Trade returns. And then some. SP's of course driving most everything, so is this a correction lower or the beginning of an impulse wave down? It has taken out 990 as an early indication , BUT so far it still "looks" like an abc down. The last little leg down from Fri.s high probably is complete , so using the Fibonacci retracement .618 of the last leg down, at 997, as a key, containment under the 50% , 993, would be preferable, under 990 and it's a display of weakness. Just what you would expect of an impulse wave.

Natural Gas made new lows this morning under the spot 3.155 low in April. Nothing MORE is required , although it will probably get some. A cluster of potential long term support exists between 3.04 an 2.97. More to come on that .

WTI does not quite look like it's completed the current leg down, ( finally looking like an IMPULSE wave) but it's certainly close. A correction up to the 4th of a lesser degree , 68ish, would not be uncommon.

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