WTI OIL Short-term rebound expected.

Last month's Head and Shoulders (H&S) pattern (see chart below) hit both of our Targets (79.00 and 75.00) and transitioned into a Channel Down:


The price almost hit the pattern's bottom (Lower Lows trend-line) and after a 4H MA50 (blue trend-line) rejection, the 4H RSI formed the same Higher Lows trend-line as it did on October 12.

We are expecting this to be the start of the Lower High leg towards the 4H MA200 (orange trend-line). This is expected to be within the 0.618 Fibonacci retracement level and a +10.25% range. Target 82.50.

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