WTI looking strong: Crude Oil headed to 62?

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.

Kommentera:

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

Kommentera:

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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Kommentera:

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 stängt: målet nått:

Terget hit. Might go higher but I have booked profits on 80% of the position, letting the rest ride

will add on pullback.

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