Tuesday, March 15, 2011

HO Update

The most bullish interpretation of the wave count to detailed  in yesterdays Heating Oil post requires the front mo. to remain above  2.8543, the .618 retrace of the last leg up. Ideally it stays above the 50% at 2.9084 

Active Mo. Daily
click to enlarge

Hourly
Yesterdays false break above a downward sloping wedge resist line reversed of course.
Now there is a near c=a just above the 50% retrace support mentioned above, a good spot to stage a rally from. Again any new highs are subject to serious pull backs to 4th of lesser degree... right around here.

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