I was thinking that Friday would bring the drop below the current sideways movement but instead we had another day in the range.
I've added a new fib retracement to the chart. This one goes from the low on 4/19/2013 to the high on 4/28/2015. The .618 retracement is at 85.34. This matches with the 2 other measured moves I have on the chart. The first is from the 7/22/2015 high to the 8/24/2015 low. The second is from the 12/28/2015 high to the 1/25/2016 low. Both of those measured moves target 83.18 - 85.44 which overlaps beautifully with the larger timeframe .618 target of 85.34.
The longer price moves sideways, the more pressure is building on price. I had thought that last week Yellen's testimony and crude oil inventories, both on Wednesday, would have been the catalyst needed to move price. Nothing to do here but wait...
I've added a new fib retracement to the chart. This one goes from the low on 4/19/2013 to the high on 4/28/2015. The .618 retracement is at 85.34. This matches with the 2 other measured moves I have on the chart. The first is from the 7/22/2015 high to the 8/24/2015 low. The second is from the 12/28/2015 high to the 1/25/2016 low. Both of those measured moves target 83.18 - 85.44 which overlaps beautifully with the larger timeframe .618 target of 85.34.
The longer price moves sideways, the more pressure is building on price. I had thought that last week Yellen's testimony and crude oil inventories, both on Wednesday, would have been the catalyst needed to move price. Nothing to do here but wait...
