Wednesday, June 8, 2011

Crude Count Update

The big picture remains unchanged after the Opec surprise,  though the -c- of -2- extended, giving it an expanding triangle -2-. Saw something similar over in the SP last week.
In any event, the -3- of 3 down will take announce itself with an overlap of 97.75 ( much nearer by than 94.63 ) .
The OPEC non agreement vs expectations of a quota increase extended the correction
The announcement by OPEC also can be interpreted as a failure by the cartel with a race to pump bbl.s beginning.......now.
Hourly
click to enlarge
This count needs to see some impulse wave structure to the downside beginning soon, and an overlap of 99.79 will help dispel the idea of an impulse wave up.

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