Wednesday, March 9, 2016

Crude Runs Out of Gas?

WTI hit important Fibonacci retrace resistance at the highs yesterday. The rally of $12 represents a 46% gain in 5 days! A little consolidation would be expected. Please note previous posts re targets etc.
This is from my twitter feed dated Feb 12;

click to enlarge

If that's hard to read that 50% retrace target from Feb 12 was 38.39 .

Additionally the April contract vs the near hit a .38 retrace.
 The April can be counted as having an abc corrective structure with the c = 1.618 of the a.

All in all the highs yesterday represent important Elliott wave resistance and probably should be seen as medium term significance.

Short term if it can hold 34.50 or even better 35.50 and take out the highs the mid 40's will be in reach.

Longer term the low measured target WAS $25.80.

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