Update For:
Posted On: Mon, 28 Jul 2008 23:29:53 GMT
NYMEX Crude
Last Price: 124.73
Support: 123.26, 122.50, 122.27, 121.61, 110.07
Resistance: 125.22, 126.51, 128.20-128.70, 129.96, 131.73
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Steve Craig, Chief Energy Analyst
I'll give the count a bit more leeway, but the lack of downside momentum at this juncture increases the merits of the alternate count (see below). As it stands, I'm looking for each member of the complex to trend on down from last Friday's high (126.51 basis WTI) and I'd note that Unleaded hasn't been too far away. I'll probably adopt the alternate count if Friday's high is exceeded and work the advance as the wave (iv) retracement. Either way, the sell-off should extend below last week's 122.50 low.
Repeating: It's way too early to get a good read on wave (2)'s potential shape, but I'll work wave A as an impulse wave for the time being, which implies a zigzag wave (2) retracement.
Repeating: I’m anticipating a volatile, gut wrenching, fear-ladened Primary wave ((5)) blow-off (common characteristics of a commodity fifth wave advance) to cap off the Cycle wave V advance, but I can't rule out the possibility that it's complete. If higher highs are indeed in store, a common upside objective for Primary wave ((5)) is 158.47 where wave ((5)) equals 1.618 times the distance of waves ((1)) through ((3)).
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