From the Sep lows, i can count a clean 5 waves on the OIL daily charts. It's as good as it gets. Today's thrust is the final wave 5 from Sep bottom, which has room to extend upto 84.
P.S - Above 84, the peak OIL folks will be baaaack !
OIL
Started by
NAV
, Oct 21 2009 01:40 PM
2 replies to this topic
#2
IndexTrader
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Posted 21 October 2009 - 02:01 PM
I've got a target of 89 on the December futures.
For what it's worth though, it will probably reverse when and if the dollar can put a bottom in. I'm not personally looking for a bottom in the dollar at this time. I'm playing long oil, gold, and occasionally euro, and have been for a while now.
IT
#3
The Right Look
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Posted 21 October 2009 - 04:40 PM
Nav,
I agree with your count. I think oil is thrusting out of a 4th wave triangle. The width of the triangle measures about $15.87. Depending where you measure the thrust out of the triangle from the top could be $80.82 to $86.
I am bearish oil for the record.
I enjoy your posts, keep up the good work.
