Tuesday, August 9, 2016

WTI Levitates

Big push above the earliest resistance of Fibinacci .38 yesterday, all the way to the 50%.
Thank You to Mohammed bin Saleh al-Sada and the shorts.  As a mostly Elliott Wave guy I have to go with the price info;

 click to enlarge

 A 50% retrace is usually where you would look for a sub wave to run out of steam, however, the chart action on the downside SO FAR has a choppy and corrective look, followed by another thrust up, with impulse like characteristics.

Next serious target is the .618 retrace AND it really should not be exceeded if this move lower from 52.73 still has more to run. If it doesn't have more to run and WTI starts to challenge that 52.73 high, the next targets above that WILL be the 59 area as a long term Fib .38 retrace; 

 click to enlarge




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