Monday, June 13, 2011

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.
Hourly
click to enlarge
Note the slight positive divergence on the 14 RSI, and support from the previous low.
That test of the previous low makes it unlikely that the move down was corrective. 
AND taking out the days lows will be VERY negative, signalling the start of the -3- of 3 down.
See WTI Wave Count and
Crude Count Update from last week.
Active Mo. Daily
 click to enlarge

And, not to beat a dead horse BUT, almost all longs since the Feb 18 massive day up (establishing new highs for the rally) will be in the red with new lows.

PS Brent bumping up against the Fib .618 retrace.


Also looks like a gap filled ( if the chart is correct).









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