Tuesday, August 11, 2009

WTI Elliott Update

Taking out the low of the range at 70.09 with momentum helped to identify the Elliott count. Pls see Crude Chops
Note the return to the range breakdown point and failure, also a 50% retrace. If the count is correct, the next new low under 68.71, could be the beginning of a -3- of 3 wave.
Frequently the point of acceleration, a -3- of 3 implies a target quite a bit LOWER, -3- = 1.618 of -1- @ 65. 83. Of course completing the 3 would be under that say 64.50. Given the SP is hovering just above 990 , the overlap of it's last move up, and the Euro is not that much further above IT'S overlap number 1.40 (seems like it's always 1.40), WTI could see some real momentum develop to the downside. Oh yeah I almost forgot, all the new spec longs that got in this month are now under water.

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