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Norm,
You are probably right on the lead month, (doing this from home so away from
my open interest data).
Here are the July and August daily Unleaded Gas charts, similar in pattern
to the June except that the last run up no new high was reached, as was
obtained on the June.
The PTI's (profit taking index which is a measure of the wave 5 potential)
on these charts, while still over the required 34 for a new wave 5 high, in
each trailing month it is declining slightly. The other thingI notice is the
wave 3's are farther from the required 1.618 level expansion than as seen on
the June (which had attained it). All that said, the pattern with some fits
and starts still indicates higher prices, at least so far and builds a case
more for the minor 4 (and minor 3) vs wave 4 (and wave 3) as current appears
on the charts and mentioned in my earlier post as a possibility.
The weekly's of course would stay the same since in AGET they are
continuious charts (as would the weekly MOB starting in the 130 area).
What are you seeing that I may be missing pray tell, you mentioned very
different pictures?
don ewers
----- Original Message -----
From: "Norman Winski" <nwinski@xxxxxxxxxxxxxxx>
To: <realtraders@xxxxxxxxxxxxxxx>
Sent: Sunday, May 27, 2001 12:11 PM
Subject: Re: [RT] Back in the oil bidniz
Don,
I think July is now the lead month for Gasoline. Take a look at the
differance between July and August for two very different pictures.
What is really important to companies like Chevron is the spread between
Crude Oil and the products such as Gasoline. Lately, Gasoline prices have
created a very high profit margin for refiners. Perhaps there is someone on
this list familiar with the details of this relationship?
By the way, I think your Wave III top was circa May 10 when Mars (energy)
and Neptune (liquids like oil) were turning Retrograde. There is a Fibonacci
harmonic due for Mars Retro on June 6, so perhaps this will be a turning
point for the energy complex.
Cheers,
Norman
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