WTI
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The c = .65 of a, using the july contract, at this mornings high. The spot month c = 50% of a , at 75.25.
The spot mo. 87.15 to 64.24 move is retraced 50% at 75.69.
The July contract's entire move down off the highs is retraced .382 at 75.65
SO there is a cluster of resistance here.
Overhead ;
The spot c = .618 of a at 76.60, and c = a, July contract, at 78.08.The spot mo. 87.15 to 64.24 move is retraced .618 at 78.39, and the July contract 's entire move down is retraced 50% at 78.35.
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I'm leaning toward the nearby cluster of resistance around 75.25/75.65 as containing the correction with an eye on the Euro, and equities markets, which appear to be verging on continued deterioration.
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