Wednesday, August 3, 2011

WTI Trendline Takedown

Active Mo. Weekly
click to enlarge
Only one left standing.
Active Mo. Daily
 click to enlarge

Of course the neckline measuring target is WAY down from here, like say, 72? (that s using the first one). If the current and last remaining support trendline is interpreted as a neckline it targets 63.
That would be consistent with a 3 of 3 , from the July 29 post
WTI
"All in all, it leaves the count of 1, 2, -1-, -2-, intact as the most likely Elliott Wave count.
Risk of an accelerating -3- of 3 down remains high."


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