Sunday, September 27, 2009

WTI Update for Sept. 27





The obvious count for WTI is as a C=A down from 75.00 at 65.00.
It WAS my target.
See  WTI Update   from Sept. 21 .
and   WTI Due for Down Leg

However given the likely severe weakness in the Euro and equities markets, WTI will have an awful tough time turning around. For instance, it would have to overlap 68.75 to start looking bullish, and that's a long way up fighting those headwinds. Even "war" with Iran barely budged it.

So I prefer the depicted 1, 2, -1-, -2- count implying a 3 down accelerating here.
 Big Picture; after 5 waves down from 147.30 to 32.40 , the huge rally retracing .37 of that move  has been corrective.
 The structure beginning down here COULD be 3, in a move resuming the larger downtrend.
Could get interesting.

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