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Saturday, May 12, 2012

XOP

Oil and Gas exploration

XOP has likely resumed a long term bear market which began in July of 2007.

Five waves down on the weekly completed on in early October, and after the bounce, there is a new five waves down on the daily which just completed on 4/23.  This should begin a third wave down of minute degree.
As the 4H chart shows, I think we could get a mini rally as high as 57.64 before the bear market resumes.

          
Posted by Waverunner (FractalTrader) at 6:27 PM

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Notation


Wave DegreeMotiveCorrective
Grand Supercycle((I)) ((II)) ((III)) ((IV)) ((V))((a)) ((b)) ((c))
Supercycle(I) (II) (III) (IV) (V)(a) (b) (c)
CycleI II III IV Va b c
Primary((1)) ((2)) ((3)) ((4)) ((5))((A)) ((B)) ((C))
Intermediate(1) (2) (3) (4) (5)(A) (B) (C)
Minor1 2 3 4 5A B C
Minute((i)) ((ii)) ((iii)) ((iv)) ((v))((a)) ((b)) ((c))
Minuette(i) (ii) (iii) (iv) (v)(a) (b) (c)
Subminuettei ii iii iv va b c
Micro((1)) ((2)) ((3)) ((4)) ((5))((A)) ((B)) ((C))