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techcharter

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techcharter

Re: arjunah post# 37339

Monday, 03/09/2009 9:33:17 PM

Monday, March 09, 2009 9:33:17 PM

Post# of 51804
OIL E-Wave update

In looking at the rally in oil off the Feb '09 lows, its trajectory looks rather shallow compared with the Rally off the Dec '08 lows. The action has been fairly choppy in wave c of WAVE B (rally off Feb '09 lows). This is a sign of corrective activity, not the motive activity needed for prices to go higher. This rally looks structurally complete from an e-wave view. The stochastics are in the overbought area. I'm now in favor of a top forming in oil.


http://stockcharts.com/h-sc/ui?s=$WTIC&p=D&yr=0&mn=4&dy=0&id=p16349799801


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