Crude Oil Heads for $75
The DOE inventories released last night gave crude a push to new lows.
The subsequent bounce failed to exceed the 50% retrace of yesterdays move
and is likely complete. The count on the chart below suggests new lows on the move to complete 5 of "c" .
The .382 retrace of 65.05 to 82.00 is just under the current lows at 75.53.
The "c" = "a" down hits at 75.06 as mentioned yesterday.
The subsequent bounce failed to exceed the 50% retrace of yesterdays move
and is likely complete. The count on the chart below suggests new lows on the move to complete 5 of "c" .
The .382 retrace of 65.05 to 82.00 is just under the current lows at 75.53.
The "c" = "a" down hits at 75.06 as mentioned yesterday.
Comments
Post a Comment