Wednesday, December 15, 2010

WTI Consolidates

click to enlarge
Just does NOT look like a big impulse wave down, or even ready to begin one for that matter. So looking for an attempt to test the highs. May fail of course.

PS 1:00 pm,
The 50% retrace of the 147 to 32.40  5 wave leg down , at 89.70 has been pushed through of course. Is it possible that the .618 retrace at 103 can be achieved in this macro environment? Unlikely, for political considerations if nothing else. Additionally the USD appears to be supported here and may be beginning a new move up. How far can the "50%" retrace area be pushed? Maybe 52% still qualifies as being in the window. That would be 92.00.
And while crude stocks are showing some return from the stratosphere, what exactly is so bullish about the following charts:


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