Where is the next 5 bucks most likely coming from:
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Note the MACD crossover, a similar set up occurred in early Aug. The RSI is not yet oversold.
And how bout those last four candlesticks...ouch. Still haven't even reached the .382 retrace.
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As yet no positive divergence on the hourly RSI. All together this looks like the next 3 bucks anyway is coming out of the downside. WTI would have to bounce a long way to indicate a possible reversal.
The wave labeled 1 is 4.20, 3 will =1.618 of 1 at 78.96