Tuesday, November 16, 2010

WTI Update

Where is the next 5 bucks most likely coming from:

click to enlarge and sharpen
Note the MACD crossover, a similar set up occurred in early Aug. The RSI is not yet oversold.
And how bout those last four candlesticks...ouch. Still haven't even reached the .382 retrace.

click to enlarge
As yet no positive divergence on the hourly RSI. All together this looks like the next 3 bucks anyway is coming out of the downside. WTI would have to bounce a long way to indicate a possible reversal.
The wave labeled 1 is 4.20, 3 will =1.618 of 1 at 78.96




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