Wednesday, June 15, 2011

Crude Oil retraced .618

Here we go.
From Mondays Crude Oil ,
"It looks like another 5 waves down is complete (something the count needed) and very short term a little bounce from here is to be expected. The 50% retrace should contain it."


Turns out it was .618 retrace rather than 50%. Really for a 2 wave .618 is common, the 50% is during a 3 wave, my mistake. So that supports the 1,2, -1-,-2-, (1), (2)  interpretation.
60 min

New lows under 96.11 ought to get it going. That would be the (3) of -3- of 3 of C..
For the bulls, it might be that this current move lower turns out to be the (b) of (2), but exceeding this mornings highs will prove very difficult and would be limited to say 101.

1 comment:

  1. Almost exactly as I had it yesterday, although the 61.8 retrace had me a bit miffed this morning! http://www.geercapital.com/realtimeblog/2011/6/14/cl-retrace.html

    Thanks for your work Guy.
    Corey

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