Monday, August 9, 2010

WTI now C=A etc

The overall structure here of a double zig zag, has reached n interesting point. The first zig zag abc equaled $11.20, and so far the second zig zag equals $11.50. Additionally within the second zigh zag the c=a. Normally that would be a pretty good set up for a reversal.
The difficulty here is the structure down so far from the high and it's very choppy look, containing a lot of overlaps.
So perhaps it's another abc down preceding a 3rd zig zag up?
In any case if it gets below the .618 retrace at 78.58 the odds of it resuming the downside increase significantly

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