Wednesday, October 14, 2009

WTI Highs

Back at the drawing board, moving around the ABC's a little.
Big Picture: long term resistence just overhead at 76.35/77.17 as the .382 retrace of 147.30 to 32.40, 2.382 x 32.40, and the avg. historical seasonal rally target ( W. Zimmermann at United) in Oct.

Shorter term we have a candidate right here at 75.32 the days highs.
The move up from 65.05 is most clearly counted as an abc with the c=a at 75.32. And that move up can be seen as C of larger degree ABC with C = .618 of A @ 75.35.

The WTI has traded in a very choppy manner since late July. The chart has been open to many potential alternative counts and it's been difficult, at least for me, to picture the end game. See    
WTI GRINDHowever there is a potential count up from 32.40 structured in 3 series of ABC's, with this morning's high the termination of the 3rd , and final series of ABC's up, at 75.32.

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