Thursday, February 24, 2011

More WTI

The Fibonacci .618 retrace of the entire move down has been achieved. That Fib point carries a high probability  for the completion of the B wave up from 32.40
Active Mo.
click to enlarge
The above Fib points are generated using the spot month high and low, rather than what is shown on the active mo. chart.
I have to admit that I am not crazy about that  "spike" high as a completion of the B wave despite the Fib. point there. So far the move down has been ambiguous and not really easy to count an impulse wave YET.
However the blow off overnight counts pretty well as an ending 5th fulfilling the 5=.618 of 1 thru 3 measuring rule. 
AND there are likely very few if any short positions out there.
Hourly
click to enlarge
That 93.55 area looks like an important cluster of support, a 4th of lesser degree and a 50% retrace of the leg.
If it gets down there it'll be interesting to see how the structure looks; choppy with overlaps, or impulsing?
Same thing goes for any attempts to retest 103.41

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