Been long on WTI for a while now. It has been following the Fib series closely. Looking for $62 area for top, then continue drop?
Currently at an important Fib resistance. If it rejects, then I will close my longs. But I expect it to break and continue higher.
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Still on-track and in-sync
Zooming in and extending the green fib looks like green fib is starting to exert some control, and being helped by the 5.618
Green Fib by itself does show it has been relevant on the bounce and thus my inclusion
Overlaying both fibs gives us some zones of interest
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Still making steady progress
Close up shows we are at a resistance for sure will be an interesting week, for sure.
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And the Beat Goes On, with a perfect bounce off the blue 5.236
Closeup highlighting the Green fib (on original chart but exteneded here) looks to still have some influence, but clearly the higher tf Blue fib is the primary drive. Thus my target at "Confluence of 2" (green and blue 4.236's) around $62 still looks good.
Zooming further, we see three distinct waves since the $51 bottom And once again the $62 target looks perfect, with a confluence of Purple 7.618 and Green 8.382. (for some reason Band 8 often respects the .382 rather than .236). So all in all I say $62 here we come.
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Trade closed: target reached
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Terget hit. Might go higher but I have booked profits on 80% of the position, letting the rest ride will add on pullback.