Friday, March 26, 2010

WTI

WTI Elliott Update is way overdue;

All of the corrective 2nd  waves up  have been extremely deep since making the $84 spot mo. high back in
early Jan. Nevertheless, whether you count the move up from 32.40 to $84 as a 5 wave, or a series of 3 ABC's
there is a high likely hood of a much more significant move down than we have seen thus far.
This rounding top pattern can result in a "stealth" series of lower lows and lower highs, with the "moment of recognition"  coming late.
 click to enlarge
On a more philosophical note, WTI is a good reflection of the worldwide stimulous efforts, and inflationary expectations surrounding that, vs. the continuing evidence of the developed world critically handicapped by debt.

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