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Crude Slips after Hitting August High
Written by article default Thursday, 07 October 2010 10:34
Recent commentary was that “given the extent of the rally, we must consider the possibility that the corrective rally from the May low is not yet complete. In such an event, price would exceed the August high before finding resistance in the 8470-8560 area (Fibonacci measurements). 8100 is short term support.” Crude has exceeded the August high and a setback to 8100 may serve as a small 4th wave (of c) before another run towards 8470-8560.
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