Friday, March 12, 2010

WTI Update

From Wed Mar 10,  WTI Grind  
"this wedge and it's permutations are close to finished.
While -e- MAY not be complete yet and need to touch the upper trend line, the labeling -a-,-b-,-c-,-d-, -e- denotes 3 series of little abc's really, so it COULD be finished already."
 click to enlarge
It did need to touch that upper trend line and we DID get another permutation, very slightly altering the degree labeling on the last abc. 
In any event it sure looks cooked now. 
There is a question of whether  the 83.97 high on Jan 11 was the termination point for the corrective structure up from 32.40 or todays high at 83.16. In  the intermediate term it will not make much difference, WTI still has a HIGH risk of a dramatic move lower. 
The 50% retrace of 69.50 to 83.16 is at 76.33, and looking at that wedge, if we take out 76.33 testing 69.50 will not be far behind.
And really at this stage of the game expectations should be to see AT LEAST a Fib retracement of the 32.40 to 83.97 move, so a modest .382 retrace is  64.27 , 50%  is 58.20, .618 is 52.10.


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