These weekly Fib. projections beneath the 2011 lows look towards the $71 mark and there is a confluence at the $57 level, but it can't go that low, can it?
Thursday, June 21, 2012
Crude Crash
OK it's not crashing, but it's off 25% from 7-weeks ago and threatening a test of the 2011 lows. The one technical possibility is the potential for a 3-pushes to a low pattern here as momentum wanes. The 3-push pattern can include a vicious sell-off followed by an equally vicious short-covering rally.
These weekly Fib. projections beneath the 2011 lows look towards the $71 mark and there is a confluence at the $57 level, but it can't go that low, can it?
These weekly Fib. projections beneath the 2011 lows look towards the $71 mark and there is a confluence at the $57 level, but it can't go that low, can it?
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