Wednesday, June 9, 2010

WTI

Still looking at very non committal action in the crude, reflected in the last few days narrowing range and discussed in the last post Jun 4,
"The recent action is ambiguous and that is typical of consolidations.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 
July Daily
 click to enlarge
And while the count may remain somewhat open to interpretation ;  whether it's 2 up, or  c to complete  4, it looks very vulnerable to a resumption of the move down at any time.

 And so the count will be clarified as July DOES make new lows ,  no doubt as it tests the the spot month 64.24 low, and the way it behaves at that point will reveal its character: 5th wave or 3rd wave.

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