At the moment it sure looks that way short term. But there are some long term reasons for being very cautious about that bandwagon. See Why I Love WTI from Sept.26. As pointed out there, "risk is massively to the upside" and it s still true. Of all the potential counts $51 was the closest target.
Nearby
click to enlarge
(I love it when the termination points of the waves are hitting actual fibonacci numbers; it makes doing the numbers in my head on the run really easy. )
c = .62 of a @ todays highsalso the entirety of the abc is 13.17
Do we get an X wave followed by another abc up? Or are new lows in store?
A test of the break out might be expected around the 50% or even .62 retrace.
Medium term I'm neutral, BUT longer term I still love WTI.
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