Tuesday, February 2, 2010

WTI Variations on a Theme

The more Bullish count has potential for a larger retrace, i.e 50% or 78.40 ish.
 
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However after topping out at 84 (spot mo.) the 3 or 5 should have showed a little more juice rather than being successively shorter. 
Another alternative count is slightly more bearish short term;
 
This count would imply less TIME spent correcting, they both have resist. around 76.80 to 77.00.
The key here again is the larger context:   following a major year long corrective series of abc's  up, one month down does not a correction make. Much more to come..so labeling these early legs is tentative....but in either case....3 down, or -3- of 3 down, is not far off.

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