4 replies to this topic

[espresso]

Don't understand why many are early short on crude, mostly around 73$! It's having a good bullish trend and early shorts are going the get killed, it hasn't even tested last year high for a double top and must say that will probably blow it up before a major drop, I think. JMHO

[chris]

If not a double top, it could be wave 3 of 3 off the '07 low. Let's see what happens when it comes back to the trendline.

[espresso]

If not a double top, it could be wave 3 of 3 off the '07 low. Let's see what happens when it comes back to the trendline.

Interesting... what's your last chart adjusted for, $ inflation?
I think we are at least few weeks away from a top!

[chris]

Interesting... what's your last chart adjusted for, $ inflation?
I think we are at least few weeks away from a top!

Not inflation. - Prophet's explanation:

Continuous Contracts: Prophet also makes synthetic continuous contracts available to give you a better long-term perspective. Two styles of contracts are available - non-adjusted and adjusted. Both of these are created by chaining together individual contracts based on volume. Each front month, based on the highest volume contract, is used for every portion of the assembled continuous contract.

Sometimes there is a substantial price difference when a contract "rolls forward." That is, even though they represent the same market, two different contract months may have an unusually large difference in price. This is particularly truly of some agricultural commodities. An adjusted contract eliminates this gap in order to portray a more useful long-term chart. These contracts are forward-adjusted, which means that their recent prices will have no correlation to their true market price.

[espresso]

Intriguing...! Thanks