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Strategies & Market Trends : John Pitera's Market Laboratory

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To: Fiscally Conservative who wrote (17518)

1/5/2016 10:06:53 AM

From: John Pitera

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To: robert b furman who wrote (52036)	1/5/2016 9:41:00 AM
From: John P	of 52040

Hi Entitlement this was my answer to Bob Furman on the T A of Longs and shorts thread............ response to his comments on my Long term crude Montly chart yes looking at the monthly we have a double bottom basically with the 2008 Dec low at the 35ish area and there is a momentum divergence on the RSI. crude can not get through and stay above it's 21 DMA..... the rally off the low is overlapping and don't like that the RSI is not even above 50 and may be rolling over on the daily chart. I have been endeavoring to put together an Elliott wave chart with the Fibonacci relationships that will show the It looks like when we look at the entire move since the Dec 21st 1998 bottom at 10.65 is in a Large "C" wave that will be the A-B-C correction after the move from the 12/21/98 low .... the 10 year Mega bull to $148 which topped out on July 2nd of 2008...... have been running the numbers on where the C wave bottoms on a Fibonacci basis.... and that number may be 24.50 or even several dollars lower..... If that is the outcome..... we'll see it with in the next 3 to 4 months.... so we are close, let me do more work on that..... when I look at the daily crude chart...... the rally since the Dec 14th low looks corrective ......not an impulse rally and we made a new momentum low on the the same Dec 14th low.... those both make me believe we need to see a lower low before we see the absolute bottom in crude..... AS WD GANN always pointed out that TIME is the most important element in markets and prices and that is what we are not at yet.... JJP

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