TSO Watch (in the near future)

Posted by Investing Freak on February 24, 2009
General

TSO watch for a bullish harmonic pattern in the future (March-April maybe?)

Drawing fib on it in january there was a harmonic bearish pattern from 15-29th. That completed and stock fell temporarily then 2 weeks from earnings prices usually go up in buy the rumor sell the news.
If from 19 to 13 drop is as low as it will go right now then i have 2 choices for the highs.

(a) 61.8% is $16.83 Target then reverse to $10.87 which might prove a good entry for the next wave up.
(b) 78.6% is $17.84 Target then retrace to $11.85 which might prove a good entry for the next wave up.

This sets up a large bullish pattern which is “harmonic” to see if it holds.
Keep in mind I am using 60mins and not daily observation but 10.78-11.85 is the Possible reversal zone for TSO.  

Here comes the chart (without dates below because I don’t want you thinking at those certain dates the prices will match up.  (Click to enlarge)

 

tso-fib-retracement-feb24-2009

 Hope you enjoy and always feel free to leave a comment.
-K

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