Tuesday, July 6, 2010

WTI

WTI may have (5) down to complete the -1- at 71.09. That new low exceeded the 50% spot retrace by .80 or 5%. In the meantime, it looks like there is an "a" up into the previous (4) th of lesser degree.

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.
Once again I am traveling today so updates will likely be infrequent.

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