Commodities
Wednesday, August 10 2011
CRUDE
CRUDE :( Book Profit- Target Achieved)
Crude closed @79.30 levels on 09/08/2011. It has made a low of $75.71 today. It has achieved my target as expected & written on 6/5/2011 view. It has completed 3-3-5 Zigzag structure as per wave count & achieved equality target as per chart attached.
One should book profit in short positions & expect Pull back in crude from these levels on upside. It can retrace in the range of 38.2% (i.e-$90) to 61.8% (i.e-$99) in case of larger pull back as per chart attached from here on.
One should keep SL of $75 (i.e. recent low) as a reversal levels.
Daily Positive close & daily KST (momentum indicators) will be additional confirmation for Pull back.
One should book profit in short positions & expect Pull back in crude from these levels on upside. It can retrace in the range of 38.2% (i.e-$90) to 61.8% (i.e-$99) in case of larger pull back as per chart attached from here on.
One should keep SL of $75 (i.e. recent low) as a reversal levels.
Daily Positive close & daily KST (momentum indicators) will be additional confirmation for Pull back.