Friday, May 28, 2010

WTI Fibonacci Points

Fast and furious short covering pushed WTI to high of 75.72 this morning. This point is a  Fibonacci .62 retrace on the July contract's move down from the May 12th 80.97 high ( perhaps a -3- wave) . AND the mornings high is ALSO the .382 retrace of the July move from 89.76 top to it's 67.15 low. AND it is also the 50% retrace of the spot month move down from 87.15 to 64.24. 

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