The Epic American Credit and Bond Bubble Laboratory Message Board

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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory

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To: Mike Johnston who wrote (77537)	1/10/2007 12:06:38 PM
From: bcrafty	of 110194

Mike, in oil's short term one can argue potentially bullish divergences in the CCI, RSI and full stochastics, and it's still in that band of horizontal support from March-April 2005, so it might get a bounce pretty soon. But I believe any bounce may be short lived, because on the weekly it looks to me like it may have more downside in the months ahead. Some important downside targets include (1) 48.05, which is support from the 5/05 low, (2) 45.97, which is a .618 retrace of the move from the 2003 low to the 2006 high (3) 43, which is the current bearish price objective on the point & figure chart and (4) 42.09, which is an E-wave A=C target (the A wave being the move down on the daily from the July 79.86 high to the October 57.20 low). stockcharts.com

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