Hopefully everybody was on the right side of that move yesterday. Crudewire had been putting out bearish interpretations of the move up rather consistently. I have always contended that we were in the B wave up, the corrective wave , and that it would be followed by the C wave down.
From Thur April 28;
Rbob High
From Tue May 3
Crude Trend Line
From Wed. May 4
WTI Update
and
Did the Dollar finally bottom?
Additionally, yesterday morning on Reuters Global Oil Forum, I made the following posts;
9:08
"
| TI tookout the Apr 13 low." Reuters, "What's the next target for WTI?"
9:15
| " | roughly 102.70 is really the next previous low, and corresponds with the.382 retrace of the 84 to 113 move" Reuters, "What would the WTI target be after that?" | |
9:18
"however if this is really a usd reversal thats still pretty high. (103)"
| 9:24 | | | | | |
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| |
| "the 96.20 to 95.60 area , another previous low and the .618 retrace of the 84 to 114 move"
It did trade below that 95.60 target, at 4 a.m.it hit 94.63.
You can get current intra day comments and great markets on Clearport options and swaps via I M's and the phone from myself and Mike Korn at Skokie Energy.
Guy Bishop 973- 462- 0005
guywbishop on Yahoo Messenger
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guywbishop@yahoo.com
Mike Korn 609-947-7556
mikekorn_yjenergy
Skokie Energy 71 Deerpath LN Princeton, NJ, USA 08540
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