Friday, April 30, 2010

WTI Update

click to enlarge
 WTI has retraced a Fib. .78 of the 1st wave down at this mornings highs. The above labeling describes an expanding triaqngle with the following relationships; b is 1.12 of a, c is 1.34 of b and 1.5 of the a, d is 1.11 of c and 1.49 of b, e is 1.11 of d and 1.24 of c. Those relationships are consistent with an expanding triangle formation.
The last e leg does look impulse like rather than breaking into subwaves of abc, so caution on the above interpretation.
Important to note that the 50% retrace of the 147 to 32.40 5 count down is at 89.70, so that area, any new high basically, is both a magnet AND of course serious resist.

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