Monday, March 14, 2011

Heating Oil

In light of recent events the HO deserves a closer look.
 Active Mo.
click to enlarge
Of note is the .618 retrace of the entire impulse wave down at 3.08  and the c=a equal leg structure up from the lows at exactly the same point 3.08  . The above is on the active month chart. Using the strict spot month numbers of 4.1586 as the high and 1.1252 as the low, the .618 retrace comes in at 2.9998. So that significant Fibonacci resistance has been exceeded. The next Fib retrace point on the spot mo. is the .76 at 3.43
 Active Mo. Daily

click to enlarge
This is about the most bullish wave count I can generate and it has the first (4) just completed with a series of 5, 4 's of greater degree to follow, each putting in a slightly higher high. 
Hourly
 Here obviously it has just taken out the declining wedge resist line. Keep a careful eye on the count up as it puts in new highs as pullbacks to the 4th of lesser degree can be expected.
 

 

No comments:

Post a Comment