Tuesday, April 13, 2010

WTI Update

 click to enlarge

May
From Apr. 6 , "On the upside, the entire move down from 147 to 32.40 is retraced 50% at 89.70. That ought to be acting as a magnet, and no doubt it will be tested if the SP can get to it's.62 retrace around 1230.
In that scenario you just cannot have an overlap of the 79.51 point. While retesting the breakout at 83.95 might be expected, settling below 83.25, the 50% retrace really would be negative looking at this stage of the game."

If the abc correction down seen over the last week is complete, a move back up to the 50% retrace resist. and target of 89.70, will be .76 of the abc up from 78.86 to 87.09.

That target of 89.70, if achieved, should be viewed as potentially the high point of the corrective move up from 32.40, and the start point for another long term 5 wave down lasting years. Not exactly where you want to be buying production. 

No comments:

Post a Comment