On the daily chart a double zig-zag looks possible with one more small leg down to a lower-low. The 50% fibo retrace level is at 74.00, perhaps we'll see an attempt on this level then a rebound.
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Sunday, August 21, 2011
Crude - Fibo Turn Week suggests a bottom may occur this week
The time fibo measurement tool lines up many bottoms and one top. The 55th measure points to this week. The trend is clearly down into this weekly window of time, perhaps a good place for a significant bottom:
On the daily chart a double zig-zag looks possible with one more small leg down to a lower-low. The 50% fibo retrace level is at 74.00, perhaps we'll see an attempt on this level then a rebound.
...
On the daily chart a double zig-zag looks possible with one more small leg down to a lower-low. The 50% fibo retrace level is at 74.00, perhaps we'll see an attempt on this level then a rebound.
...
