WTI Wedge Failure Portends What?
On the Fibonacci front there are a number of counter intuitive alternative counts that have a 79.60ish to 79.90 target zone. But for starters the Nov contract had a c=a up at the 79.56 point. That would be the c starting from the 65.05 low and the a from the July low of 61.38.
So at this point WTI has to get damage done before it can be confirmed done to the upside. How about the 50% retrace point of the presumed 3 wave up from 68.88 at 74.64? A little nearer by under 77.60 the 50% of the last leg up from 74.79 would also add to the downside mo.
This move up in WTI as well as all other asset classes is a corrective rally. When it's done, it's resuming the long term trend. As previously discussed, it's a very crowded trade with almost no shorts left anywhere except NG.