Friday, April 1, 2011

WTI- Where next?

Where next? FromMar 7.
WTI Ballistic " The next most likely Fibonacci resistance point is the .78 retrace of the A wave @ 121.78
Additionally there is c= a resistance about there as well . This is a very likely reversal point for the B wave up."
Still true. However...
Active Mo.
 click to enlarge
As you can see the Y= .76 of W just overhead at 108.75. 
This can also be viewed somewhat differently as;  

 click to enlarge
Y =W retracing .66 of the entire move down from 147 to 32.40 around 108.45
And on the hourly;


 5= 1 about the same point. Note the 14 RSI negative divergence.
So very likely short term resist at the 108.60 (roughly) level...perhaps a candidate for a reversal.
The big picture remains unchanged ...a B wave up from 32.40, to be followed by a C down.






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