Monday, March 8, 2010

WTI Count

click to enlarge
Lots of ways to count the move up , and in general it DOES have an overall appearance of 5 wave structure from 69.50. Deja Vu  right. Upon close inspection however it proves a little tougher to get 5, more like lots of little abc's.. In any case, intermediate term, the above looks like a rising wedge or perhaps a diagonal 5th, with a throw-over. It does NOT look like a buy. Back under that rising trendline and this will look like it's getting a pull back to the "d" 77/76 area.

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