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WTIC: Count. 40 looks good


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#1 eminimee

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Posted 21 January 2007 - 09:06 AM

three charts...2 weekly's and a daily to try and give an idea of degree...hope it's understood. Basically we topped a wave 3 with a 5 wave ending diagonal of lesser degree and should head down to the 40 area for the end of a wave 4..could take some time and probably choppy. Could get a snap back to 58/60 area to top an X wave of that 4th down. Constructive comments welcome.

http://stockcharts.com/c-sc/sc?s=$WTIC&p=W&st=1989-01-01&i=p10990249106&a=95542559&r=8788.png

http://stockcharts.com/c-sc/sc?s=$WTIC&p=W&st=1996-01-01&i=p18766748666&a=95543038&r=6379.png

http://stockcharts.com/c-sc/sc?s=$WTIC&p=D&yr=2&mn=4&dy=0&i=p85998838996&a=95543578&r=1908.png

#2 selecto

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Posted 21 January 2007 - 10:07 AM

That's a lot of work. Thanks. 38 is a +/- target off the "H&S" (Looks like the global economy deteriorates and then war :( )

#3 eminimee

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Posted 21 January 2007 - 10:35 AM

or.....what I prefer it saying is ....temporary slow down....then world demand explosion.....would fit with a 3 of 3 of 3 SPX/OEX.

http://www.traders-t...?...c=65217&hl=

PS: On the weekly charts posted re: WTIC ...note the 20 over 40 cross and the last time it turned up.

Edited by Teaparty, 21 January 2007 - 10:37 AM.


#4 PorkLoin

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Posted 21 January 2007 - 01:26 PM

Excellent, Teaparty, and Selecto is right -- that is a lot of work. I used to watch most commodities traded in the US, 30 or so, and I think they are often a different animal than the stock market. Sugar, cocoa, coffee, the grains -- they can IMO have "self-contained" Elliott cycles where they go way up and way back down. Then, rather than build on the past, as with the stock market, they rather start all over. I'm not saying oil is that way (unless we go back to $17 or $10), - at the least I think it remains to be seen. From the 1999 low, the count has been problematic for me, and your 1-2-3 overall feels right, at this juncture. Best, Doug

#5 selecto

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Posted 21 January 2007 - 01:35 PM

"..what I prefer it saying is ....temporary slow down....then world demand explosion....." Well, I'm OK with peace breaking out also. :)

#6 borland

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Posted 21 January 2007 - 02:42 PM

I don't think $40 will hold. $25 looks possible. Commodies seem to be more speculative than stocks, so support levels seem to be taken out more easily. Looking at you longer term chart...... the corrections from peaks in 90', 97', and 00', all took out the significant support levels.

Edited by borland, 21 January 2007 - 02:42 PM.


#7 dcengr

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Posted 21 January 2007 - 08:23 PM

For some reason, commercials stopped accumulating oil last week..

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