Tuesday, January 12, 2010

Bye Bye Trend

Was it Alcoa ? China raising banks reserve ratio requirements? A delayed reaction to the ugly jobs report?  Or just the weather?
Feb Gasoline


Feb Heating Oil

click to enlarge
These charts look to have running 2 waves in the very short term, implying a 3 down is just starting or soon will  be.

Feb WTI


From Monday morning, "At the moment we are completing 5 waves on the "c" of an abc up from  68.59 (spot mo.), and 70.83 (Feb contract).   The "c" = 2 x "a" at 84.00 (spot)  and the "c"= 2.38 x "a" at 84.15 (Feb).
However the trend is your etc. so...watching for overlaps of previous lows to confirm and most importantly overlapping the 1 at 79.12."
Bye Bye trend.

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