THE DOT - if this turns orange or red be alert

Thursday, June 19, 2008

technical update for oil

Oil is in the final stage to make an intermediate top

Expecting a little blow-off, taking out some short positions above 140 within 1-2 weeks in a volatile manner. Tops tend to be harder to read than bottoms. Basically the characteristic is to wipe out a lot of short term traders either way and the down-move starts in a manner most people miss out on typically. We will drop toward 100 the next 3 months - remember the FED said everything is gonna be fine next quarter. 100-110 is after a 70$ surge the area of a 38,2% to 50% retracement. The Dollar confirms the picture with a stronger bias going forward, heading for 1.45-1.50.

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