Thursday, December 3, 2009

Crude Not Exactly Screaming Up



click on chart to enlarge
The past month has seen a very choppy sideways to down correction that has gone on so long, it is really unlikely to be merely correcting the last $65.05 to $82.00 leg up. Please see Nov. 12 post WTI Not Exactly Trending  
So if this chopping move down is correcting a larger degree than $65.05 to $82.00,  presumably $32.40 to $82.00, the Fibonnaci retrace points become targets: .382 @ $63.06,  .50 @ $57.20, and .618 @ $51.35.

In the short term, yesterdays  move down  looks to be getting it's own choppy sideways correction, that probably needs to remain under the  .76 retrace point.

 

No comments:

Post a Comment