Wednesday, January 6, 2010

WTI- Sale of the Decade?




click to enlarge

One of the potential targets for this final ABC up from 65.05 was hit today. If the retrace can get back below the .618,  a trend line cuts there as well, the risk of a serious reversal becomes very high. Keep in mind the big picture:  5 waves down from 147 to 32.40, a choppy reversal back up that has been structured in abc's, thus far retracing 44%.  Could be there's more to go, a 50% retrace is at 89.70. That's $6.50 away from today's highs.  But when it's trading at $50, or $40 or $16 ...$83 's gonna look mighty sweet. All initial 5 wave structures get followed by at least one more leg , in this case down. And 147 to 32.40 was a BIG 5 down.



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