Thursday, September 17, 2009

WTI Due for Down Leg

Chop , Chop. The count is clearly structured in a,b,c, x's which I've simplified on the chart. The B could go as high as 73.90 as c=a in that structure. BUT.
That would  put WTI awfully near the top of the range we've been in for 2 months, and downside risk  would be high.

The "c" of B wave MAY be complete here.  An overlap of 68.02 , the beginning of that wave, will confirm that.  SO using the 50% retrace of that "c" as a likely tell.

Note that just under the overlap, is the 50% retrace of the move up from the July lows of 67.77 ( Oct ) .

It's about time WTI explored the lower end of the the range.

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