Weekend Sept 223 2012
Crude Oil is pretty slippery stuff
Alan Abelson in Barrons
Here is a gues for Sunday afternoon on the Crude oil market
IF this count is correct, it shows proper alternation between a sideways second wave and a sharply down fourth wave. Wave Three breaks into a five wave pattern. This suggest a fith wave up lies ahead.
Prior to the start of Wave one up the market fell in an A B C pattern. The dramatic change in the RSI after the labeled Wave C bottom further suggest this may be a reasonably correct count or guess.
As I say we do not claim to be EW experts, there are other sites which specialize in that. But a decent guess.
In 2008 crude oil topped last at145 in July. I am wondering if it underperforms this tme, just coming back to say 110.
Of course if Israel bombs Iran this and all other charts are out the proverbial window.