Monday, July 12, 2010

WTI

The spot month  settled at $74.95, unchanged for the last 13 months or so. That must have been the least likely forecast of a year ago. While I'm sure that this represents the ideal for some, it's safe to say the probability of it continuing unchanged for another year is likely low.

Hey , how 'bout that Fibonacci .618 ?
and a little more recently;

and even MORE recently;
 While the move down today may turn out to be only a "b" wave structure , a .618 retrace to 73.15 would not be an unreasonable expectation.

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