Saturday, October 24, 2009

Crude Update




The crude market finished the week with another positive gain.

We finished something at the 81.99 H. I believe it was a minuette wave (v), which would complete a minute degree wave.
I'm entertaining the idea that it just may be a [iii] wave. The retracement will give us a better idea.
The 38.2% retracement level is 77.17, while the 50% sits at 75.68.
The triangle target is 83.99. The continuous contract numbers can change when they put on a new front month, which is why this number is slightly different.
Bottom line - the retracement process does not appear complete to me. Should price trade through the 81.99 H, then it will be obvious that (v) has not finished.

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