Thursday, September 24, 2009

Rbob Breaks Down

The dramatic move lower yesterday confirms the resumption of the downtrend , most likely a C wave. The C will equal the A @1.51 (spot month) and C=.618 of A @ 1.65.

Shorter term the trendline is providing a little resistance and it looks like another sub wave down is required to complete an initial 5 waves. If it can get back above the former support line of the expanding triangle , the 1.726/1.73 level should be the next resistance.
Note the RSI beginning to show some minor divergence.

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