Wednesday, July 7, 2010

WTI Update

From yest. July 6 "Given the pregnant condition of the market (advanced at that) vigorous activity to the upside should be rather muted and contained by either the 4th of lesser degree, in other words right about here, or the .382 retrace area. "

click to enlarge

This bounce seems about right for "c", and the -2- should be complete or nearly. Another downside advance from here should quickly begin to gain momentum. For one thing, under yesterdays lows and it would pretty tough to find any longs with profits from any time over the last year.
Aug WTI


 
And the Weekly has definitely got that roll over, Head and Shoulders thang goin' on.

P.S. Don't forget the Yen.



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