Tuesday, October 27, 2009

WTI Update


Overnight WTI has been in a tight consolidation and new lows are likely. Even if this is just a corrective move down a little c=a targets 75.65. And the .382 retrace of the last leg up is at 75.53. That will be an interesting support test.

Longer term the structure of the move down from the high @ 82.00 is not  a clean 5 wave count. YET. (Amazing what 2 weeks can do.)  It is possible to use the 81.50 as a failure and count down from there, but the 82 high really was a complete 5 waves up from 65.05. We have seen many early starts to big moves look similarly ambiguous, and it could be we get abc's all the way down, in a B wave or X wave correction to the 32.40 to 82.00 structure.

More will be revealed.

No comments:

Post a Comment