click on chart to enlarge
The past month has seen a very choppy sideways to down correction that has gone on so long, it is really unlikely to be merely correcting the last $65.05 to $82.00 leg up. Please see Nov. 12 post WTI Not Exactly Trending So if this chopping move down is correcting a larger degree than $65.05 to $82.00, presumably $32.40 to $82.00, the Fibonnaci retrace points become targets: .382 @ $63.06, .50 @ $57.20, and .618 @ $51.35.
In the short term, yesterdays move down looks to be getting it's own choppy sideways correction, that probably needs to remain under the .76 retrace point.
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