Tuesday, March 1, 2011

WTI Update

While the longer term question of whether a top is in remains open, the shorter term picture presents a clearer picture.
15 min.
click to enlarge
 There is a cluster of minor resistance around the 98.10 level, particularly if the mornings move up is viewed as corrective.
And a case can be made that even if higher highs eventually materialize, a presumably corrective move down is at best only partially complete. 
Hourly
click to enlarge

As the above count illustrates, another leg down equal to the 1st targets 92.27. That is also the area of the -3- of 3 of the preceding count up, an attractor given the speed of the move.
The big picture; the important .618 retrace of the entire move down achieved at 103.44 remains unchallenged. The longer that continues the more entrenched it will become.




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