Friday, June 4, 2010

WTI

The recent action is ambiguous and that is typical of consolidations. The following chart is the most likely and most conventional interpretation.
click to enlarge
The implication is that the c wave is yet to come, presumably taking WTI somewhat higher, though perhaps from lower number's ie 69.16/ 68.62. See  
WTI Update

However if the SP wave count in the preceding post is correct, it would be be very unusual to see WTI stage a rally while equities are in free fall.
SO another interpretation follows;
click to enlarge
Personally I'm going with the SP count. 
BTW it IS a Friday and the Euro is grinding down through long term support at 1.2138, see 
 Euro Heads Up  from May 19th or any of the Euro posts.


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