Sunday, August 9, 2009

Crude Update

Consolidation was the order of the last week.
My view remains that crude is tracing out a minute [c] leg to finish off minor B.

I'm still assuming that price reaches the daily projection around 75. This should be a significant resistance area, as the 127.2% projection of [a] and the June highs are right there as well.
I will be watching the dollar and how Oil reacts this week

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