Monday, July 26, 2010

Rbob Update

Gasoline is after all mostly why we care about WTI. etc.
click to enlarge/sharpen
The "c" is 20 cents, the "a" 30 cents, for c=.66 of a. The relationship of 2:3 is of course a primary building block of the Fibonacci sequence. There is a clear 5 wave count down for the "1", and equally clear abc structuring of the "2".  It IS possible that the "c" continues up, to say 2.1650/2.17, the 50% retrace of the 1 down, but ...
 It got pretty close. What DOES suggest a potential continuation to slightly higher highs is the choppy move down to the trendline support, crude and SP strength.



BTW this DOT Traffic Volume Trends for May 2010, depicts some renewed softening for May after the improvements of March and April . 










No comments:

Post a Comment