Market Leader informed
At this point there is impulse wave C (C ) developing from $80.24. The price on the WTI crude futures at NYMEX reached one of its target levels at 90.10 -50% of the bearish wave Amn. After that the market reacted to the price resistance with an increase in the wave level. These are the following possible scenarios of the forthcoming price movement:
· Elongating the wave through “the Hound by Elder/MF” from the reference point ($87.04) followed by the formation of wave A( c);
· Breaking through the defensive bullish pivot at $87.04, increasing the wave level up to D1-D2 in the form of wave B.
The Department of studying Masterforex-V trading system draws your attention to the fact that the bullish tendency is not over yet. However, the current situation offers partial profit-taking as the market has shown bearish signs around the resistance level, which prompts a possible retracement against the current uptrend.
Support levels:
87,04 = defensive MF pivot 3 from the reference point 80,74
86,72 = 38,2% Аd1
85,49 = 50% Аd1
84,25 = 61,8% Аd1
83,50 = defensive MF pivot 2 from the reference point 80,74
Resistance levels:
90,10 = 50% Amn
92,72 = 161,8% Аw1, 123% А(с)
95,00 = 176,4% Aw1, 138% А(с)
98,86 - 99,60 = 200% Aw1, 161,8% А(С)
96-100 = strategic, target volume level
103,51 = 61,8% Amn
This week’s key news releases:
Dec 15th 2010
13:30GMT (US) Consumer Price Index
Dec 16th 2010
13:30GMT (US) Jobless Claims
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