Showing posts from January, 2015

WTI Hits Major Support

VERY SIMPLY , the low spot price of WTI  yesterday represented a .618 decline from the 2011 highs of $114. ADDITIONALLY, the move from that 114 high to the 43.58 low is .607 of the $148 to $32 low in 2009. That is close enough to the .618. Not to mention being a little oversold. Daily click to enlarge Note the repeated positive divergence on the RSI. The last little five count down from $52 is also a diagonal 5th wave triangle, a classic though rare, completion pattern. Weekly click to enlarge Even a modest .38 fibonacci retrace to $67.69 represents a 50% advance from here.  Of course there is a strong potential for a count that accommodates an eventual move toward the $32 lows which I will elaborate on the in the next post, but for now a bounce looks likely. 1:20 pm addendum Previous market pivot tell shows up again!!   If i remember correctly the 1999 low of $10.50 was accompanied by a statement from the CEO of Chevron that oil was going to be depres