Friday, October 16, 2009

Crude



There was an upside explosion in the crude pits yesterday. Range was a nice $3.18 on above average volume.
I'm not entirely sure whether we came out of a triangle or not. It really doesn't matter, and we wont really know until down the road.
What does matter is price action has been impulsive off the 68.88 L. We either ended [e] or likely [2] there.
I'm still expecting price to reach the 79.42 target area. I would like to think that we could accomplish that in short order, but nothing goes straight up. We are due a retrace.
If minor B is indeed complete, the minimum upside objective is 83.54. This is where C = 61.8% of A. C = A around 100.
We also have the 38.2% retracement of the all-time high in the same area.

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