Sunday, June 28, 2009

Analysis of Crude

It appears that we have a completed wave structure up, a nice zigzag for A (white), and are in the process of a B down. My best guess is that B down will be a Elliott Wave flat or triangle based on the current structure. My count has crude completing an A (cyan) down and working on B up. I'm currently thinking about shorting crude via USO July 40 puts. I current would look at the 57-61 area for profit.

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