The first upward trend blue line, from oils Low of 26.03 to 41.87, retraced back to its own .382 line which almost overlaps perfectly with the .382 of the larger downward trend .382 (35.82 Yellow Fib.) If oil breaks its current high of 46.99 and breaks to its 1.618 of the shortest downward trend (Green fib 49.45) then the second blue upward trend symmetry line, and the third pink upward trend symmetry line has been completed and we can expect the same type of retracement from its first upward blue back to the .382 which would be EXTREMELY close to overlapping the shortest upward trend .236 (Light Blue) of 44.21 which is also a fib cluster zone. Actual . from the second blue upward would be 44.01.Buy the breakout of either way.
If it breaks above 46.99 with conviction ** Then TP Long is the 1.618 of the shortest downward trend (49.45.)
If it breaks below 45.47 with conviction ** then short. TP is 41.40-41.01. There is a fib cluster in this range of prices.
Please note there is the start of a forming at the current highs on the . This could be an indicator or a larger trend change and we could start to see new symmetrical trends to the downside.
** When I say “with conviction” I mean high and a solid close above or below a price.
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