Oil finally gave us a healthy Elliott Wave corrective retracement. It could go as far as $36.30 before more momentum comes in. The Kovach OBV is still pretty bullish, while the Chande is registering a nice dip. Current levels ($37.25) might provide a nice entry, but keep a tight stop loss. Note that both of the levels mentioned are strong Fibonacci levels.

oil retraces

Corrective Wave in Oil. Watch the Fibonacci Levels for support.


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