Friday, November 11, 2011

WTI Update

This presumed X wave, has now retraced a Fibonacci .618  of the entire move down from 114 to 74.90.
Spot Mo. Weekly
click to enlarge
This is, obviously an important point. With the general difficulty of the move down to produce 5 wave extensions, it's abc structure, upside overlaps, and 50% retrace of 32.40 to 114, the WTI pretty much needs to quickly find resistence and head back down to maintain bearish interpretations. The .618 resist is a prime candidate.
Spot Mo. Daily
 click to enlarge
Note the slight negative divergence on the RSI today.
The y=w at 99.50.

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