Tuesday, August 4, 2015

Crude: Catch the Knife

I love it when the senior executives of  the Majors declare bear markets for ever. WTI is oversold both intrinsically and relatively.

click to enlarge
Some charting packages have the RSI reading positive divergence.

take a look at the                                          3:2:1 Crack
click to enlarge

I can clearly find 5 waves down in the first chart . Even if you think its going to 40 or even  32 
a retrace here is easy to imagine and 50% would bring it up yo the 4th wave of lesser degree around 53.


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