WTI Oversold Short Term

Longer term WTI (and everything else ) is likely determined by the fate of the SP and macro economics. However, not being the shy type, there is a very good chance that we are beginning the third wave down in the equities, corresponding to a so called "W" shaped recession and the next wave of Real Estate problems. Pls see Mish's Brace for a Wave of Foreclosures, the Dam is About to Break
Certainly WTI overlapping 62.78 will confirm a longer term top at 72.88 (or 72.22) and fib retrace points of the whole rally, 32.40 to 73.38 , will be looked to for support. The .382 retrace is 57.73, a 50% retrace comes in at 52.48 and .618 at 47.81.

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