Friday, November 13, 2009

Crude Oil Heads for $75

The DOE inventories released last night gave crude a push to new lows.
The subsequent bounce  failed to exceed the 50%  retrace of yesterdays move
and is likely complete. The count on the chart below suggests new lows on the move to complete 5 of "c" .
The .382 retrace of 65.05 to 82.00 is just under the current lows at 75.53.
The "c" = "a" down hits at 75.06 as mentioned yesterday.

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