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Strategies & Market Trends : Classic TA Workplace

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To: Galirayo who wrote (137758)	10/21/2006 8:21:09 PM
From: skinowski	Read Replies (1) of 209892

You may be right - the sector could continue some more to the downside... there really isn't in the chart enough data to support a strong opinion, imo... Even the $WTIC - if you look at it carefully, looks like it has been trying to form an ED 5th wave to the downside... and it's hard to tell whether it's done, or may need another swing down: stockcharts.com But even if it goes down in the very short term, it seems to me like it is looking for an - at least - a temporary bottom. If the down impulse of the past few months proves to be a "C" of a correction, then the price will go to new highs. As the old saw goes, the bounce will tell the story... ;) As far as fundamentals go - the most important to me is that commercials are turning relatively long... while the sentiment is rather negative. From the "real world" FA POV, we all know that there is a constant risk to the supply. OTOH, if the good times keep rolling, there will be rapid growth in demand. The only thing that may seriously derail the sector would be a global recession.... but even in this case it is not impossible that money may be not abandon the sector too badly, perceiving it as a safe haven.

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