Wednesday, August 11, 2010

Rbob Outlook

Rbob is a bit simpler than crude....much less ambiguous on the chart. Note todays action has been penciled in by me on the spot continuation chart.
click to sharpen/enlarge

The above depicts a clear resumption of the downtrend, most likely a 3rd wave down, after a choppy double zig zag 2 up.  
And in the larger context that down move is potentially the 3 of III, and I'd say a 10 cent move down on the day is perfectly in character. It should eventually be expected to be a Fibonacci multiple of the 1 , say, 2.62, that targets just around .95, if you only get a 1.62 multiple that would target around 1.33.

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