Wednesday, October 6, 2010

WTI

click to enlarge
Potential complete count for C and repeated negative divergence on the RSI.
A move below todays lows of 82.29 should be indicative of at least an intermediate retrace if not a resumption of the down trend.
There is a potential for the above count to have completed an ABC up from the  May lows completing a 2 wave or more likely a B wave of greater degree. 
Nov. 

Much of this move is predicated upon a weaker USD and the efforts by the Fed and Treasury to stimulate the economy. Lots of talk about QE II being baked in already, AND discounted.  The new upcoming elections will no doubt produce a less deficit friendly Congress and one not shy of Fed bashing, at least at first. Between that , the accelerating problems in the Eurozone,  and inventory levels, there better be one REALLY cold winter.

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