Friday, March 18, 2011

WTI Update

Corrective bounce or move to new highs over 107? Jury is still out and this mornings action could bring in the verdict.
 Hourly
 click to enlarge
The move down from the 107 high was very choppy, had lots of overlaps and difficult to count as 5 sub waves except on the daily bars. Move up from the lows looks pretty convincing , in fact almost machine like
 (yes Dorothy I said "machine").  But so far it is still only 3 waves and could end up being a deep zig zag 2 wave as mentioned in yesterdays
WTI post.
15 min
click to enlarge
If this is to be a 4th wave down , to be followed by new highs it cannot overlap the 1st wave.
Additionally holding the .618 retrace is critical.
On the upside new highs will target the 121 area as the next Fib. retrace@ .76 , see WTI Ballistic or 
on the downside 86 as a neckline break target mentioned yesterday.  

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