Monday, March 1, 2010

WTI

 
click to enlarge
Note the "d' retraced 50% of the "c" suggesting a relationship to that wave rather than the preceding  abc structure up. The "d" is .618 of the "a", at 80.88, so any new highs really are at risk of a reversal for "b" of larger degree. Watch for RSI divergence on the hourly. 
It may be that the count ends up with different labeling, and the "d" is a "b" of larger degree, implying ultimately some higher move for another abc up or something, testing the highs 84 or close. My primary interpretation is no doubt biased by the fundamentals , and USD potential, general deflation outlook.
 

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