LIGHT CRUDE
Since my last update on the oils on 9th July 2008 we have seen the price retreat nicely, which in turn has helped the markets (other than our resources of course). I've attached an updated chart that shows how the first Decision Point was broken and I'm now looking for an area between $120 down to $117.50.
WOODSIDE PETROLEUM
Not surprisingly WPL has fallen nicely as well. I mentioned in my last update that if the Decision Point were broken then the next target would be between $52.70 and $50.50. This coincides with a typical wave C target area as calculated by the software.
SANTOS
Santos is also in a potential wave 3 (longer than a wave C) but is fairly close to its target area as shown by the chart.
ToKnights Bulletin is written by Charles Knights, an equity and options adviser with Shaw Stockbroking Limited. Charles has been an adviser since 1986 and has been at Shaw’s since 2001. A major part of his work is based on Elliott Wave analysis with a touch of Gann, but influenced to a large degree by Fibonacci levels.
Charles can be contacted on 02 9238 1308 or via email cknights@shawstock.com.au
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