WTI Weekly and Fibonacci Extensions

NYMEX:CL1!   Light Crude Oil Futures
58 1 1
No real brilliance here. After the surge to 62.58 the market has basically moved sideways for five weeks. From 42 to 62 is a big move and the market cannot be faulted for needing a rest. The surprising thing is the power of the initial surge; it's a better faster start than the '09 wipeout. Does that tell us we have more good gains to come?

This week has a candle with the largest red body of the last five. It's less than confidence inspiring but we need to remember the good surge Friday that keep this body from being a lot bigger.

I am bullish long term despite the news we peons are fed. All looks bearish in the extreme so we are supposed to expect low prices forever. BUT remember the discussion that pushed oil             to '08/'09 heights? The world was running out of oil             . How well did that work out?
Yes we have reached Peak Oil that was a good one.
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