WTI Corrects Up
So far the move up off last weeks lows appears to be structured in a series of abc's that are Fibonacci related .
click on chart to enlarge
The last -c- at 78.44 is currently 50% of the last -a-, and the c = a. That is a corrective structure and argues against this move up being an impulse wave that takes crude to new highs over 82.00. It is likely another of the series of thrusts up that have not made new highs and then are followed by abc's down.