Monday, December 7, 2009

WTI Grinds Down



From Thursday Dec 3,
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 Fibonacci retrace points become targets: .382 @ $63.06,  .50 @ $57.20, and .618 @ $51.35."

Could be a "b" wave structure or x wave down, but given the USD rebound and SP at 50% retrace resistance and wavering, have to give the downside the benefit of the doubt.

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