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.
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.
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 depressed for the forseeable future! Caught my attention then and now... http://www.zerohedge.com/news/2015-01-30/it-begins-energy-giant-chevron-suspends-stock-buyback-blames-cash-flow-squeeze
See forecast in body of statement.


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