Tuesday, February 12, 2013

Charts 02-12

From 1522, the retrace to support by 3/1 is very close to the .382 fib, just right for a wave 4.

SPX 02-12

By the way, from yesterday's post on /CL the wave of deflation that would take crude oil from a [guessed] $130 to $20 would probably be the death of the Euro, in early 2014.

We'll have plenty of gasoline when Europe goes offline!  Who's up for a road-trip?

3 comments:

Carlos Nibot said...

The only thing that I dont agree with your chart is that you have W3topping at 1520. However, that is much too low for a W3. A typical W3 should go to 1566.

Why do you have it so low?

Christian Gustafson said...

The top is low b/c for now I think that the giant wedge will be a part of it.

I'll poke around some more, look at the monthlies and the bigger picture tonight.

3/1 could mark THE top as well; it seems like a real waste of a McHugh 'major' phi mate turn to have it mark a minor wave 4.


Bicycle said...

http://www.zerohedge.com/news/2013-02-13/japan-reflation-deathwish-leads-20-refinery-capacity-cut

Japan might come first...