Oil opened this week gapping higher with Brent Crude above resistance level at $126/brl shooting even higher to 1,382 Fibonacci extension of the of the 3rd vawe (that means when 3rd wave is the length of 1, the 5th is the length of wave 3 x 1.382.) However, when wave 5 is extended as it seems to be it can extend to 1.618 i.e. to around $148/brl. All time high recorded back in 2008 was $147.50. There is no divergence on RSI and MACD indicating we could see higher levels. Just shy of a dollar the 1.618 Projection of the 2020 sell-off in WTI (where WTI went to minus $40/brl) was reached this morning, and within a couple ... (full story)