Thursday, October 8, 2009

WTI Update


Thing about B waves is you tend to re label the chart alot. The upside is, you can go long OR short and if you hold long enough you can USUALLY make money. The last 3 months has seen a number of choppy swings back and forth between $65 and $76  in abc structures. Today the high at 72.55 was a .76 retracement of the spot month high at $75 to the recent $65 low.  Possibly an X wave termination to be followed by another abc DOWN. Taking out Thur.s low at 69.17 would the confirmation of that.

 click on chart to enlarge

On the other hand, the action is clearly NOT an impulse wave down. The USD has yet to reverse course , and WTI has been chopping nearer to the top than the bottom. SO fresh highs over $73 and likely it'll try for 76.30 the .382 retracement of 147.30 to 32.40


No comments:

Post a Comment