Oil Apraching $74.90
4 Hour chart trend: Long. Main price points: 67.00, and 74.90. Looking for: Wave C)
The 76.4% Fibonacci support, discussed on Thursday of last week, held very well in a corrective red wave B). Oil gained sharply (5% in o9ne session on Tuesday), from $67 support to the current price around $71 per barrel, which suggests that a new impulse leg is in progress. We are looking for a five wave move up in the red wave C) leg, approaching 74.90, and the wave A) top. If we are on the right track here, a whole blue wave B correction should be completed somewhere around the 76.00 area, just above the wave A) top of the second zig-zag.
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