WTI Prepping for a Break; Up.

Still a whole lotta hatin' going on. BP joined the chorus yesterday in their annual energy outlook, which provides a 20-year forecast of the market, stating,
"The current weakness in the oil market, which stems in large part from strong growth in tight oil production in the U.S., is likely to take several years to work through,".
 Thank you.

Meanwhile WTI is winding up for a break to new highs above the 54.24 resistance. 
15 min
 click to enlarge
The 2 wave is a .58 retrace and the -2- wave is 50%.

If this is indeed a coiling series of 2 waves with a break up to come shortly, I would expect the
.618 retrace (or something approximate) to hold. Overlapping the low $50.81 negates that count and opens up a potential move towards the lower end of the range.

On the break up above 54.24 targets would include 
3=1 at 58.60
3=1.618 of 1 at 65.11
 The .236 retrace of 107.50 to 43.58 is at 58.82
The .382 retrace of 107 to 43.58 is at 69.


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