A Discussion of Technical Analysis, Elliott Wave Theory, and Fibonacci Ratio's focusing on Energy Mkt.s Crude, Products, and Natural Gas. Occasional Fundamental Analysis, Energy News and Rumor.
Tuesday, August 11, 2009
Rbob and the return of Wiley Coyote.
Rbob has chopped back up in a very corrective looking manner from yest.s lows. The move down from Fri.s high. can now be seen as having 5 little waves and that provides enough clarity to label yesterdays low "1". For now. Also the matter of that mo. long trendline. AND CFTC COT 64,444 spec long vs. 7885 spec short O.I.
I have been applying Elliott Wave Theory to energy markets as a broker and as a trader for commercial entities since 1983.
This blog is merely my personal musings on various wave structure's and NOT any kind of trading recommendation or suggestion.
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