WTI Update

This presumed X wave, has now retraced a Fibonacci .618  of the entire move down from 114 to 74.90.

Spot Mo. Weekly

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This is, obviously an important point. With the general difficulty of the move down to produce 5 wave extensions, it's abc structure, upside overlaps, and 50% retrace of 32.40 to 114, the WTI pretty much needs to quickly find resistence and head back down to maintain bearish interpretations. The .618 resist is a prime candidate.

Spot Mo. Daily

 click to enlarge

Note the slight negative divergence on the RSI today.

The y=w at 99.50.