Brent Breakout..taking out the .618 retrace
Finally...it's only been 2 years. Last print I've seen was 113.20.
click to enlarge
So where does a break out like this project to? A test of the old highs is kinda easy to see,
if this leg up is .618 of the June '12 leg up from 88.50 to 118, it targets 125.80.
After that it's gets downright scary. How bout an old fashioned triangle break out measuring rule...
equal to the first counter leg ; 127.50 to 88.50 added to the breakout point on the descending line targets 151. NIIICE