Thursday, December 30, 2010

WTI Tops

 From the WTI Update of Dec 22;   
"the -C- = .618 of the  -A- at 91.76. Also roughly the 50% retrace on the above chart.....
In general looking at this as an area that would likely be significant resistance for this contract and potentially the exhaustion point  of the B wave up."
It DID print 12 cents above that point, however the Fib ratios on this scale have a lot of wiggle room.
Subsequent legs to the downside ARE structuring as 5 waves.

click to enlarge

If you think the move down is corrective that makes what I have labeled 1 the A, so you want the C not to exceed the A , or 90.03, additionally the .382 retrace of the last structure up is at 89.95.

If the 3=1.62 of the 1 it targets 89.19.

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