As has been pointed out on the 4hr chart, Crude Oil
broke down violently today from a rather well defined trade location ( double top
off a 61.8 Fib tag on the higher time frames). here then is the 15m chart so we can see how violent today's washout really was. Indeed, as a 'range' trader I quickly hit my personal loss limit today as one by one key support levels were broken. I have to live within my trading plan so I am ok with the loses - its a trader's life. Interestingly here, The 78.6% Fib and the 200% extension target came in quite closely together (suggesting the 99.50 area was some sort of equilibrium point). That level was hit just as Willy was getting 'stupid oversold' and a bullish
momentum divergence was forming. In typical Crude fashion, she had one more push lower up her sleeve before reversing violently and recapturing those indicated Fib levels.
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