As has been pointed out on the 4hr chart, Crude Oil broke down violently today from a rather well defined trade location (double top off a 61.8 Fib tag on the higher time frames). here then is the 15m chart so we can see how violent today's washout really was. Indeed, as a 'range' trader I quickly hit my personal loss limit today as one by one key support levels were broken. I have to live within my trading plan so I am ok with the loses - its a trader's life. Interestingly here, The 78.6% Fib and the 200% extension target came in quite closely together (suggesting the 99.50 area was some sort of equilibrium point). That level was hit just as Willy was getting 'stupid oversold' and a bullish momentum divergence was forming. In typical Crude fashion, she had one more push lower up her sleeve before reversing violently and recapturing those indicated Fib levels.
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If my charts help you, or you use my indicators...
please consider a BTC donation to allow me to
continue my work :
1EBttA56cWsgtsZn83VGiNT8si7inZV5Z5
& follow me on Twitter @CRInvestor
Additionally, if you have questions about my indicators feel free to inquire as to when my next Google hangout tutorial session is scheduled so you can ask me in person...
(or go here: www.google.com/calendar/embed?src=YTJscj...)