Monday, January 11, 2010

WTI Trending

OK buyers are in charge. This move has been in place for a month, and is nearing completion.
Today's upper trend line on the channel crosses around Goldman's number of $85.

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.

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