Monday, August 3, 2009

WTI Weekend Jam

Fri. 's squeeze continued over the weekend, but can it maintain during Mon.s market hours? There is an obvious target of 76.29 overhead (the .382 retrace of the entire 5 waves down from 147.30), but so far this move up over the past month has been choppy and difficult to count as an impulse wave. If this is a final 5th wave of a rally that started in Dec 08 it really should NOT retrace much here. In fact getting back below all the little consolidation support and taking out the .382 retrace at 68.95 of the last move up from Fri.s low would put the up move in doubt. Of course that would increase the possibility that the recent move up is an abc zig zag , and that would make it part of a larger correction of greater degree.

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