Showing posts from January, 2012

WTI/ Brent

I know I promised to stay away but who could resist;  the move up has traced out a classic 5 wave impulse pattern, and hey, it's 2012 already.  From Bloomberg click to enlarge The five waves up for the "1" wave  suggest that a pullback is likely from an Elliott perspective, probably tracing out and abc structure for "2" down. There is support around the -12 area, so getting through that will strongly suggest further downside work. Additionally, the 2 wave back CAN be and usually is, on the deep side . A 50% retrace is around - 18 .62 retrace  -20 , .76 = - 23

Back to Reality

Or is it vituality? Anyway; Ever the contrarian I closed on a 100 yr. old house last Dec.14th. It's taken every last ounce of time and energy over the holidays to try and get it livable.  Happy New Year right? Anyway, please check out the last post from Dec.14 on the Euro's all there. AND even the SP has conformed to the commentary from  SP Update re the abc corrective rally.   click to enlarge That pattern looks really very bearish. Classic abc with an ending diagonal in the "c" wave. Posting from the road so more detail later. BTW going long real estate deserves explanation; First of all it's the right house it at 44 % of the 2007 price of the clone next door. Secondly it's 10/15 min walking distance to the train, high school, library etc. Thirdly the town is fun and growing. Finally she would have left me if I didn't.