Heating Oil

This is representative of the complex, in terms of wave count. There are differences but not long term.
 The most important take away is the clear 5 waves down ending in Mar of 09, followed by the double zig-zag correction up.
Note the MACD is just beginning to roll over and the RSI is not even close to oversold .
 Mar Heat
click to enlarge
The sharp pop last Mon and Tue. is the most significant corrective move since the top was put in. That is characteristic of 2 waves. Clearly the count has us already in a 3 down with this little rally running into trouble right at the area of previous support. A 50% retrace of last weeks move down would be a gift.


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