Wednesday, April 7, 2010

USO... OH

click to enlarge and sharpen
This stock is not exactly ripping back up. The last nine mo.s have seen it basically range trade between the mid 30's and low 40's. At yesterdays high it had retraced 21% of the move down.
I'm looking at this chart to get some insight into the WTI count, which has been difficult to interpret. It's also of interest since GS, MS and China are the big stakeholders.
Anyway, the initial abc zig zag up was followed by a triangle ending Sept. 25 09. and then what appears to be a flat abc ending yesterday. The final flat abc was roughly 50% of the first zig zag.
Sorry no annotation.

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