Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

ES -CRUDE

10/17/2011

12:16EST

ESZ11:

clear confirmation of the bounce/reversal

it should reach 1216.25 (min.)

and in fact print a new high (1230.75) because this is a topping formation;

Topping formations behave as such (roller coaster ride for children)

As such 1245.50ish should be the final high before completing the top formation

In terms of time cycles we have another 124 hours until this top formation is complete.

We’ll see what happens at 1216.25

 

Crude:

We never reached the support pivot at 85.40

Therefore the move should be up to 89.31

We’ll see what happens at 88.08

But we developed a bottom pattern a 100 minutes ago

Pointing up

Up Target: 88.75

Down Target: 84.04

86.90 is the pivotal support

at 89.25 we enter the twilight zone (major resistance) major/minor