Friday, August 12, 2011

WTI Rip Redux

Awesome job Spain France Italy etc. Banning of short selling works every time; good for 1.5 cents on the Euro anyway.
Looking at the WTI rip from yesterdays morning low, it could be that anticipation of the said ban has been good for 6 good ole USD's (2 over the overnight previous high) .

Active Mo. Hourly
click to enlarge
So a slight re labeling adjustment of the (4). Clearly the move up is structured in abc's, and is a correction.
Note the repeated negative divergence on the RSI.
There is a cluster of resistance around 87.10  
The 50% retrace of the (3) is at 87.20
Oh and I almost forgot,; the 4th wave high of lesser degree is right around there.




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