WTI Update

The Crude pulled back to the .61 retrace at 46.60 which was looked for in the recent Oct 9 post.
 So far the move down looks like 5 waves rather than an abc. That definitely suggests a number of possibilities.

1) It's a resumption of the preceding primary trend and there will be new lows to come after a 2 wave back up or

2) It's an A wave down and there will be at least another C wave down following whatever bounce the B up delivers (could retrace the entire A move down btw).

3) Any short term upside play should be viewed cautiously, and the bears will fade it heavily.

click to enlarge
Keeping a close eye on this bounce for indication of the bulls vs bears conviction. Short term could be good for a buck.

Still love WTI long term. See preceding posts.


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