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2Oct/090

November Crude oil

10/2/09 - November Crude oil – I guess the reversal swing date on September 29th was a lot stronger than I anticipated. I was looking at the formation as a possible TC swing pattern (Trend continuation) that could trigger another sell signal, if Crude oil traded below the low pivot point and the descending centerline. However, it seems the Crude oil had traded right into area of confluence where the descending centerline was crossed by the ascending reaction line. This price area proved to be a strong support and acted as a launching pad for the subsequent $3.90 one-day rally in November Crude oil.  The pattern from August 8th thru September 29th appears to be forming a five-wave continuation pattern that portends a possible breakout to the upside. Before that can happen, I look for a two or three-day pullback to 67.70 to form the final stage of the TR swing pattern.

November Crude oil

November Crude oil

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