Friday, July 2, 2010

WTI

Yesterdays lows represent an interesting retrace point; roughly 50% of the 64.24 to 79.38 spot mo. rally from May 25 to June 28. On the following spot chart, which rolls a little differently, it's a .618 retrace.


Obviously new lows will advance the bear cause by taking out those potential support points.
And the action off the lows is anything but an impulse wave up.

It may turn out that this mornings low is an little "b" or "x" wave but if there is a return to the top of the range it will likely be offering a dead cat opportunity prior to an acceleration down.

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