Monday, January 9, 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

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