Thursday, September 23, 2010

WTI ...Necklines

My last post on WTI was over a week ago on Sept.13, when it topped out at 78.04;
"WTI approaches the .618 retrace of the last leg down , which is still labeled 1,  in a choppy abc type structure, all typical of a 2 wave.
On the spot chart the .618 comes in at 78.30. Note the 200 day moving avg., see if it settles above it."
Of course it didn't.
At the moment it appears to be penetrating the neckline of what appears to be a Head and Shoulders.
Nov. Hourly
click to enlarge
That measuring rule would target 69.60 ( that number again).
But of course that would take out another neckline that would have a measured target significantly lower...ie. 59 ish.





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