Thursday, March 17, 2011

WTI

WTI is at an interesting tech point this morning; c=a and the reverse head and shoulders neckline.
In the first case look for resistance and possible reversal, in the second a break to the upside through resist.

Hourly
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The head and shoulders neckline break measuring rule targets 102.10 on the above chart.
  Daily
click to enlarge
Of course the daily chart is also setting up it's own head and shoulders formation ( I give more tech weight to this one).
It is possible to count -5- sub waves down off the highs on this chart for a wave1complete. Wave 2 can deeply retrace the 1, so looking for short term upside with a sharp eye for potential 2 wave completion and another leg  (at least) down. A break of the downside neckline targets 86.00....

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