Friday, April 23, 2010

WTI Update

click to enlarge
 The "c" wave here is 1.33 of the "a", and the "b" was 1.11 of the "a", quite consistent with an expanding triangle. If thats the case a "3' down could be imminent.
The key of course is if equities run into trouble up here in the end zone.....the .61 retrace of the whole move down. I believe that is highly likely around here or just slightly higher, ie  1230. The Euro short covering may delay it all a bit but still think it has more downside in it , see preceding post.

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