Monday, July 19, 2010

WTI

From Sept.1 2009
WTI Screams Sideways
" WTI has been a tough market for everybody except those trading short term, scaling in against a move and then willing to take profits quickly. Just the opposite of most day trading technique. After years of giant trending moves this may be what the future looks like."
Had that right.
 click to enlarge
And from Sept. 8,  2009 
"This characteristic, of reversing immediately following an overlap,  is becoming a feature in a lot of the markets lately. In the good old days an overlap was useful as a confirmation of a count ..signifying the  wave overlapped was at least completed, and possibly the entire structure of greater degree was completed. So overlaps have been used as stop points. And while some things may change, gunning for the stops probably won't.
Having said all that, the validity of the overlap from an Elliott Wave perspective remains."
 And on the spot chart the c= 50% of a @ 78.93.
Of course at this point, after a 13 months + of sideways action, the dump will be when no one is looking for it. 

Hedge Funds Increase Bets on Oil Gains by Most Since 2007: Energy Markets

“Just like last week, when they were short when prices were up, now they were long when prices were down,” said Hamza Khan, an analyst with Schork Group Inc., a consulting company in Villanova, Pennsylvania.


 





No comments:

Post a Comment