Wednesday, July 8, 2009

Crude

Crude registered its 6th losing day in a row, as its C leg puts on a clinic of how a C is supposed to behave. I'm still short-term bearish until the blue channel is broken, which will be when its 4 wave takes place (if it hasn't already). I will then connect 2 with 4 for another channel.

If the count is right, crude would have one more little leg down to complete 3. At that point, we should see a messy 4 based on 2's apparent simple zigzag. The alternate is at the bottom in white.

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