I am going short to 40.42 with a stop at 44.22.
Updated
2016Sep19 I am going short to 40.42 with a stop at 44.22.
The price has retraced to the 38.20% fib level.
The distance from the bottom of the current retracement (42.72) to the top of the most recent retracement (46.49) is 3.77. Assuming the distance to the bottom of the next retracement from the top of current retracement (44.12) is also about 3.77 we come up with a target of 40.35.
I am remaining conservative, so I have placed my target at 40.42.
Since oil is extremely volatile I will be zeroing out my stop once I am ahead by 15 pips,
The price has retraced to the 38.20% fib level.
The distance from the bottom of the current retracement (42.72) to the top of the most recent retracement (46.49) is 3.77. Assuming the distance to the bottom of the next retracement from the top of current retracement (44.12) is also about 3.77 we come up with a target of 40.35.
I am remaining conservative, so I have placed my target at 40.42.
Since oil is extremely volatile I will be zeroing out my stop once I am ahead by 15 pips,
Comment
Oil appears to be creating a step from the low of 43.22 up to a fib level of 38.20%. I will enter another short trade once the price reaches 43.54.Comment
Fail. Oil appears to be generating a step on its way down. If it starts to drop I will re-enter another short.
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