Wednesday, March 30, 2011

Crude Oil

Tagged the  .618 retrace.
Hourly
click to enlarge
Note the very minor 14 RSI negative divergence.
The move down doesn't really count easily as 5 waves, though it kinda looks like it might be if you squint. Maybe it's an "a". In any event the abc look of the recent move up stalling at the .618 retrace, suggests more downside.

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