Friday, October 23, 2009

Those Overnight Highs

WTI got to 81.77 overnight ....not quite a new high , but perhaps a FAILURE to make a new high , and the completion of a final C wave up from 65.05 (  equals the A up from 58.32 spot mo.)  Hard to know just yet and the Fib. retrace points are a way off,  the 50% is 73.41.  BUT at this point, new lows on the day would be bearish short term targeting the Wed low of 77.60


The SP is shaping up similarly with a potential FAILURE at the overnight high of 1095. In it's case however, the last leg up is clearly a 5 structure, and since it too failed to make new highs , an overlap of the beginning point, yesterday's low 1070.50,  would signal a reversal. Under 1050  and it's in BIG trouble. So that's prob. the one to watch.

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