Thursday, May 27, 2010

WTI

click to enlarge
Note the RSI is no longer oversold.
So far there has been roughly a 50% retrace of the wave labeled 3 above. This count may actually be somewhat off and there is a complete 5 down (for the 1st leg down of larger degree),  but that count would leave the 5th really truncated. I prefer this for now and look to the nature of the next leg down to clear it up: if it's a 3 down it will likely be violent.



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