InvestorsHub Logo
Boards
News
Market Data
Markets
Discover
Discover
Subscribe Login/Register
S&P 500
5,567.19
(
1.06%
)
US TECH 100
19,828.00
(
0.95%
)
Dow Jones
39,375.87
(
0.17%
)
Brent Oil
86.78
(
0.00%
)
Bitcoin
57,752.26
(
-0.94%
)
Post# of 51808
Next 10
Reply Private New
Public Reply Private Reply New Post
Keep Last Read
Replies (1) Keep Next 10 Report Keyboard Shortcuts
Replies (1) Next 10 Prev Next

techcharter

Send PM Follow Ignore
Followers 24
Posts 2281
Boards Moderated 0
Alias Born 06/03/2004

techcharter

Re: None

Wednesday, 03/04/2009 10:02:40 PM

Wednesday, March 04, 2009 10:02:40 PM

Post# of 51808
OIL Gush Started

The wave b triangle in Oil (Early January '09 to Feb '09 lows) is complete. The larger Wave C closed above the upper edge of the triangle AND the 50 day moving average last week.

wave a lasted 8 to 10 days. I'm looking for a fibonacci multiple for wave c of 13 to 16 days, but I have a tough time believing the larger Wave B retraces such a small percentage of the drop from $147.

What else could it be?

My alternate count has Wave A as a zigzag and not an impulse. wave c of A was a truncating ending diagonal. This predicts a very sharp move to start Wave B which began last week. Upside target is $75+ area where the 200 day moving average is.

http://stockcharts.com/h-sc/ui?s=$WTIC&p=D&yr=0&mn=4&dy=0&id=p56549335626
Public Reply Private Reply New Post
Keep Last Read
Replies (1) Keep Last Read Next 10 Report Keyboard Shortcuts
Replies (1) Next 10 Prev Next

Join the InvestorsHub Community

Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.

Sign Up