CFZ E-Wiggle Workspace Message Board

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Strategies & Market Trends : CFZ E-Wiggle Workspace

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To: rayrohn who wrote (8876)	10/9/2008 3:36:41 PM
From: skinowski	Read Replies (2) of 41426

I don't have access to charts now, but I see that Oil is trading near 86. That is a better than 60 point decline off the top. Assuming (note the inverse logic -g) that if this is a 50% retracement of something, this something would be the advance from the time when Oil traded in the mid-20's. That's a long time ago. Also, this is an approximately 62% retracement of an advance of the past couple of years - since the time when, as I remember, the $50 level was strong support / resistance. By now, price of oil is probably pricing in a serious global depression, as well as an assumption that reserves will have practically no limit. I can see USO crash down some more, I don't expect it but maybe to as low as 65 - but I think the thing is going to find a bottom relatively soon. For USO it would probably require a break above 75 to confirm a likely reversal.

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