The search for an oil top
Posted by Cire2222 on May 10, 2008
We were able to catch a top in gold, a top in the Euro and the last attempt for a top in oil failed ( I thought they would move together) So now here I am looking for a top in oil again. I would wait for confirmation before making a move but here is a thought on Oil. The EUR/USD hit a consolidation phase, broke out and ran hard to the 261.8 Fib extension with once sharp quick pullback reaction on the way up then found a top. When I Pulled up the USO (oil tracking ETF) I see a similar situation. See the charts below
