Sunday, November 1, 2009

Crude-



Strange week in the crude pits. Big reversal Thursday, followed by bigger reversal Friday.

Friday's price action confirmed my suspicion of this corrective being over.

I will keep my interpretation that we finished a minute degree [i] wave at the 81.99 H, though it is an educated guess at this point.

Support is very near with the 20 sma at 76.59. I have also placed the retracement levels on the chart.
I am considering the possibility that minor B has yet to complete, though it is a low probability at this point.
One thing is apparent, the price action off the 81.99 H is corrective - not impulsive. This suggests that we should see new recovery highs in this market once the retracement process is complete.
The dotted vertical lines on the chart are placed at the pivot lows starting with the wave (A) bottom. Notice the fairly nice symmetry between these pivot lows, though not perfect by any means.
Should this symmetry extend out to the next pivot, it appears that we are somewhere around the halfway mark currently.

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