Thursday, February 11, 2010

WTI Correction Done

Mar 30 min bar
click to enlarge
It may turn out that the above count is mislabeled and the -1- should be the 1, and the -2- should be 2. It is clear however that the correction up from the lows is choppy and does not look like an impulse wave. In fact it is easy to count three series of abc's, labeled w,y,z. Elliott Theory only allows a series of 3 abc's of similar degree. Note RSI divegence.
There is now high risk that WTI  this is about to begin a 3 down. 
Bullish alternative is some sort of abc down holding the lows followed by another choppy corrective move up. That is a less likely scenario following the above structure.

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